Question: 1. Explain LIFO, FIFO, average, and specific ID cost flow of inventory. 2. Compute Depreciation and gain or loss if cost of the building is

1. Explain LIFO, FIFO, average, and specific ID cost flow of inventory.

2. Compute Depreciation and gain or loss if cost of the building is $100,000; no salvage value; using useful life 27.5; sold for $150,000 13 years later. Ignore MACRS (Method of depreciation used for tax purposes.)

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