Saved (Ch. 4,5 & 6) 2 Required information Lott Co. had one unit in beginning inventory that cost $6.00. Lott paid cash to purchase two additional inventory items. The first item was purchased at a cost $8.00, and the second at a cost of $10.00. Lott Co. sold two inventory items for $12.00 each, receiving cash. Based on this information alone, indicate whether each of the following items is true or false, 2 of 5 . Cash flow from operating activities would be $6 assuming a LIFO cost flow was used. 0057.36 True or False True False 7.4.5 & 6) Seved Required information Lott Co. had one unit in beginning inventory that cost $6.00. Lott paid cash to purchase two additional inventory items. The first item was purchased at a cost $8.00, and the second at a cost of $10.00. Lott Co. sold two inventory items for $12.00 each, receiving cash. Based on this information alone, indicate whether each of the following items is true or false. Cash flow from operating activities would be $10 assuming a FIFO cost flow was used. True or False True False Saved Required information Lott Co. had one unit in beginning inventory that cost $6.00. Lott paid cash to purchase two additional inventory items. The first item was purchased at a cost $8.00, and the second at a cost of $10.00. Lott Co. sold two inventory items for $12.00 each, receiving cash. Based on this information alone, indicate whether each of the following items is true or false. The amount of gross margin would be $10 assuming the FIFO cost flow was used. True or False True False 4,5 & 6) i Saved Required information Lott Co. had one unit in beginning inventory that cost $6.00. Lott paid cash to purchase two additional inventory items. The first item was purchased at a cost $8.00, and the second at a cost of $10.00. Lott Co. sold two inventory items for $12.00 each, receiving cash. Based on this information alone, indicate whether each of the following items is true or false. The amount of ending inventory will be $6 assuming the LIFO cost flow was used. True or False True False