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11) Which in) waidh imetorynged will produce a muent for cost of goods sold that is closest to current market value? 11) A) FIFO B)LIFo C) Weighted average D) Specific identification 12) Ifr prioes are rising, which inventory cost fow method will prodace the lowest amount of cost of goods sold? 12) A) FIFO B) LIFO C) Weighted average oPgotos rind the weighted-avenge D) LIPO, FIFO, and the weighted-average inventory cost flow methods will all produce equal amounts of cost of goods sold. 13) Anton Co, uses the perpetual inventory system and FIFO cost flow method. During the year, Anton purchased 400 units of inventory that cost $12.00 each and then purchased cost $16.00 each. If Anton sells 700 units of inventory, what is the amount of an additional 600 units of cost of goods sold? 13) A)$11,200 (B)$9,600 C)$10,400 D) ss,400 14) Which of the following businesses is most likely to use a specific identification cost flow method? 14 Grocery store B) Hardware store C Roofing company D) Car dealership ) What is meant by "market" in the lower-of-cost-or-market rule? 15) The amount originally paid for the merchandise. The amount of gross margin earned by selling merchandise. The amount that would have to be paid to replace the merchandise. The amount the goods were sold for during the period

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