Notes Receivable-Understand how interest is calculated. If a loan is not outstanding the full year the interest for the year must be adjusted to reflect the partial year 7) Credit Card Sales - understand how these are accounted for on the horizontal equation (see problem below) 8) 9) Inventory - Know the 4 methods of inventory cost flow and know how to calculate each. b) d) 10) Review problems calculating the following under each of the above inventory cost flow assumptions: Cost of Goods Sold Ending Inventory 11) In times of rising prices, which inventory method would result in the: Highest ending inventory value: Lowest ending inventory value: Highest Cost of Goods Sold ort sc 40 5 6 8 OP