QUESTION 15 When prices are rising which inventory cost flow assumption generally results in the lowest net income and lowest tax expense? O Last-in, first-out (LIFO) O First-in, first out (FIFO) Average cost O Specific identification QUESTION 16 Entity A reported the following items on its balance sheet at the end of the current year. All accounts are listed Cash $ 45,000 Accounts payable $ 45,000 Prepaid Insurance 5,000 Taxes payable 12.000 Property, plant, & equip 150.000 Long term debt 50 000 Common stock 100 000 Accounts receivable 30,000 Retained earnings 2 Inventory 56,000 What is Entity A's Retained Earnings balance at the end of the current year? $110,000 $69,000 $79,000 O $107.000