1. The chapter discussed four inventory costing methods. List the four methods and briefly explain each ( 4 points available) 2. Contrast the effects of LIFE versus FIFO on ending inventory when ( 4 points available): A. costs are rising and B. costs are falling. 3. Contrast the income statement effects of LIFE versus FIFO (on Cost of Goods Sold and Gross Profit) when (4 points available): A. costs are rising and B. costs are falling. 4. Match the type of inventory with the type of business (Merchandise vs Manufacturing) ( 4 points available) A. Merchandise (Manufacturing or Merchandise) B. Finished goods (Manufacturing or Merchandise) C. Work in process (Manufacturing or Merchandise) D. Raw materials (Manufacturing or Merchandise) 5. Calculate Costs of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic FIFO, Periodic LIFO and Periodic Weighted Average Cost using the details below ( 8 points available): - July 1 - Beginning inventory (500 units @ \$10) - July 13 - Purchase (250 units @ \$13) - July 25 - Sold (100 units@ \$15) - July 31 - Ending inventory ( 200 units)