Question: 2 Which inventory valuation method would yield the lowest cost of goods sold in periods of rising prices? O Specific identification O Weighted-Average None of

2 Which inventory valuation method would yield the lowest cost of goods sold in periods of rising prices? O Specific identification O Weighted-Average None of the answers O FIFO QUESTION 3 Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $600 in receipts at the end of the month. The entry to replenish (reamburse) the petty cash fund will include OA credit to Cash for $40 OA debit to Cash for 5000 1 OA credit to Cash for $6601 OA debit to Cash for $40

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