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7.Which inventory costing method results in the lowest ending inventory during a period of rising...

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Question

Accounting

7.Which inventory costing method results in the lowest ending inventory during a period of rising merchandise inventory cost?

Weighted-average

Specific identification

First-in, first-out (FIFO)

Last-in, first-out (LIFO)

8.Some companies account for purchases of equipment less than $500 as expenses instead of as assets. This policy is most closely linked to which accounting principle?

Conservatism

Lower-of-cost-or-market

Materiality concept

Consistency principle

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