show working and solve questions 4 & 5

3. Double-counting an inventory item at year end will result in a. understated tax liability. b. overstated cost of goods sold. overstated net income. understated beginning inventory for the next period. C A retail company has goods available for sale of $300,000 at retail and $210,000 at cost, and ending inventory of $80,000 at retail. What is the estimated cost of goods sold? a. $220,000 b. $154,000 300,000 zlo000 - 80,00 C. $210,000 d. $56,000 z *5. Which method might be used to estimate inventory costs when physical inventories are not taken? a. First-in, first-out b. Last-in, first-out c. Average cost method d. Gross profit method