25. When applying the FIFO inventory cost method a. the first good sold are the earliest good purchased b. the cost of the earliest goods purchased are used first to when determining cost of goods sold the prices for the earliest goods purchased are used for ending inventory c. 4a d b and c both e. all of the above 26. During times of rising prices the lowest a last-in-first-out (UFO) b. first-in-first-out (FIFO) c weighted average d average cost taxable income taxes result from which of the following? 27. Which of the following is not an advantage of the a Easy to transfer ownership b. No personal liability d. Easy to raise funds refers to b. a compan an assets can be converted to cash ny's ability to meet its short term obligations are expected to be paid within the nest year d. a and c only all of the above e. 29. Gross profit equals the a net b net income and operating expenses sales revenues and cost of goods sold c net and expen revenues and cost of goods sold plus operating expensers which of the following accounts? 30 A debit entry would decrease owner's equity b sales c. accounts receivable d. both a& b none of the above e