Part A - FIFO vs LIFO In comparing and contrasting FIFO vs. LIFO inventory procedures, the following listing was developed. You are to complete the tabulation with an answer of "YES" or "NO" as demonstrated by the first item. Any combination of yes, no answers is possible in each situation. With the exception of #9, assume no LIFO liquidations. FIFO YES Rart R LIFO NO 0 Usually matches the actual physical flow of goods 1 If used for tax purposes, it must be used for financial reporting purposes. 2 Improves cash flow in periods of rising prices. 3 Tends not to include the effects of rapidly rising (or falling) prices on the income statement 4 Income figure is more “real” in that it doesn't contain "paper profits." 5 A change to this method must be justified in the annual report disclosure notes. 6 Perpetual inventory results may be different from periodic inventory results 7 Is acceptable to the IRS (i.e., for income tax purposes). 8 Emphasizes the income statement in that it matches the recent costs with revenues 9 Possibility of liquidating the base may be a significant negative aspect. 10 Emphasizes the balance sheet in that the more recent costs are contained in the inventory account

Lower-of-cost-or-market method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Commodity InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) JFW1 53 $39 $34 SAW9 108 19 23 fill in the blank 1 of 1$

Goods available for sale can: Multiple Choice 4- be sold and then become Cost of Goods Sold on the income statement. not be sold and thus are not reported as Cost of Goods Sold on the balance sheet. not be sold and thus are reported as Inventory on the income statement. be sold and thus reported as Cost of Goods Sold on the balance sheet.

need answer for all requirements or skip/leave if you can't answer all. answer in detail with steps answer in text