1 The assignment of costs to cost of goods sold and to inventory using specifi

1 The assignment of costs to cost of goods sold and to inventory using specific identification is the same for both the perpetual and periodic systems. T or F

2 The inventory valuation method that results in the lowest taxable income in a period of inflation is:

3During a period of steadily rising costs the inventory valuation method that yields the lowest reported net income is:

4A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2 they purchased 10 units at $22 each. On November 6 they purchased 6
units at $25 each. On November 8 8 units were sold for $55 each. Using the FIFO perpetual inventory method what was the value of the inventory on November 8
after the sale?

E. $276