If prices are falling, which inventory cost flow assumption results in a higher cost of goods sold? O FIFO OLIFO Question 8 1 pts Clyde's Cycling Shop purchased 40 Speed Racer Series 1 bicycles for $1,300 each. The next quarter, the Speed Racer brand released a Series 2 bicycle and reduced the price of the Series 1 to $1,000 each. What is the effect on cost of goods sold and ending inventory respectively when applying the lower of cost or market of the Speed Racer Series 1 bicycles at the end of the quarter? O A. No effect on both accounts O B. Cost of goods sold increases by $12,000 and ending inventory decreases by $12,000 O C. Cost of goods sold increases by $40,000 and ending inventory decreases by $40,000 O D.Cost of goods sold increases by $12,000 and ending inventory decreases by $40,000 The following information relates to Facebook's acquisitions in 2014. Wha O Ustva dow) 2,026 448 288 21 7 5 5 2 Finite-lived intangible assets Acquired users Trade names Acquired technology Other IPR&D (Liabilities assumed) assets acquired Deferred tax liabilities Net assets acquired Goodwill Total fair value consideration 113 235 19 80 7 5 2 (33) (899) 1.851 15.342 17,193 (107) 320 1.533 1.853 How much goodwill (in millions) does Facebook recognize from its acquisition of WhatsApp? All the numbers on Facebook's financial statements is in millions. Please follow the same denomination as stated in the financial statement and the instruction. In this case, all numbers are in millions, do NOT write out the last six zeroes in the final answer. We know that Facebook acquired two companies in 2014. If Facebook took a goodwill impairment worth of $1 million in the year after the acquisition, how was Facebook's income statement and balance sheet affected by this impairment in 2015? Ignore taxes and choose the choice that reflects all affected accounts. A. Net income decreased by 1 million and assets decreased by 1 million B. Net income decreased by 1 million and assets increased by 1 million O C. No impact on income statement and balance sheet O D. Net income decreased by 1 million, assets decreased by 1 million, and retained earnings decreased by 1 million