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1. Acceptable inventory costing methods include:A)LIFO method.B)FIFO method.C)Lower of cost or market method.D)A & B.E)A B & C.2. A 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 LIFO perpetual inventory method what was the value of the inventory on November 8 after the sale?A)$304B)$296C)$288D)$280E)$2763.A company has inventory of 10 units at a cost of $10 each on June 1. On June 3 it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method what is the cost of the 12 units that were soldA)$120.B)$124.C)$128.D)$130.E)$1404.Generally accepted accounting principles require that the inventory of a company be reported at:A)Market value.B)Historical Cost.C)Lower of cost or market.D)Replacement cost.E)Retail value.

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