21) when using the last in first out costing method what would be the cost of an item based on the following facts Beginning of Year Inventory Purchase 1 Purchase 2 End of Year Inventory 10 Units $2,620 Per Unit 11 Units $3,100 Per Unit 6 Units $2,752 Per Unit 9 Units a. $2,620 per unit b. $3,100 per unit c. $2,752 per unit d. $2,896 per unit 22) When comparing the straight-line method and double declining balance method of depreciation which of the following would be true of the depreciation expense for the first year? a The straight line method will exceed the double declining balance b. The double declining balance will exceed the straight line method c. The depreciation expense will be the same with the two methods d. Without the cost of the asset a comparison cannot be completed 23) Which of the following is an element of internal control? a. Safeguard Assets b Communication and Information c Compliance with Laws and Regulatiorn d. All of the above 24) Which of the followine was enacted in 2002 and had a major impact on internal control procedures? a. b. c. d. Internal Controls Act Sarbanes Oxley Act Edward M. Kennedy Serve America Act Worker, Homeownership, and Business Assistance Act 25) Inventory is classified as what type of account? a. Current Liability b. Long Term Liability c. Current Asset d. Long Term Asset