The inventory methods that balance sheet are in the most current costs in the Income Statement FIFO Balance Sheet LIFO LIFO FIFO The following information available for Lighten Company Sales Freight-in Ending Merchandwatery 12.000 Purchase Returns and Allow 90.000 Beginning Merchandise FIFO FIFO LIFO LIFO Purchases $130,000 12 when the owne Geld Lighten's cost of goods sold is a. $115.000 b. $110.000 c. $98.000 d. $95.000 ali Como o. It ending Inventory is understated, net income and assets will be Net Income Assets a. Understated Understated b. Overstated Overstated C. Understated Unaffected d. None of the above. 9. One of the two constraints in accounting is a. comparability. b. materiality C. reliability d. relevance 10. The assumption that assumes a company will continue in operation long enough to carry out its existing objectives is the a. economic entity assumption b. going concern assumption C monetary unit assumption d. time period assumption. 11. A daily cash count of register receipts made by a cashier department supervisor demonstrates an application of which of the following internal control principles? Socumentation procedion of which of the so by a cashier b. Segregation of duties c. Establishment of responsibility d. Independent internal verification