6. Under the weighted average-cost method (periodic inventory system) the weighted average cost per unit is equal to: divided by 7. Under the weighted average cost method the cost of goods sold equals the number of units multiplied times the weighted average cost per unit 8. Under the weighted average cost method the cost of ending inventory equals the number of units in multiplied times the weighted average cost per unit 9. The inventory Inventory costing method most closely follows the physical flow of 10. Which of the following inventory costing methods, if any, are acceptable under U.S. GAAP. Circle all that apply. First-in, first-out Last-in, first-out Average Answer the questions #11 through #14 assuming a period of increasing prices and quantities, i.e., a period of inflation. Use either first-in, first-out, last-in, first-out, or average for your answers. 11. Which inventory costing method would result in the highest net income? When would a company prefer to use the inventory costing method that would result in the highest net income? 12. Which inventory costing method best matches the most recent costs against the most recent revenues? 13. Which inventory costing method best matches the ending inventory cost to the current cost of the inventory? 14. Which inventory costing method will result in the lowest income taxes? 15. Define the consistency concept 16. True or False: Once a company adopts an inventory costing method it may never change its inventory costing method 7. True or False: A company must disclose its inventory costing method in its notes to the financial statements