The specific identification method is frequently used for items with common characteristics, such as boxes of pencils. True False Under the FIFO method, ending inventory is valued based on the oldest unit costs. True False When prices are rising. LIFO generally results in the lowest taxable income, and therefore helps reduce taxes paid. True False LIFO results in a COGS total that more accurately portrays replacement cost than does FIFO. True False If Casey deposits $9,000 in an account that pays 10% yearly interest, compounded annually, how much will she have in the account at the end of three years? $8, 990 $9, 750 $10, 909 $11, 979 $12, 500 What is the approximate present value of $2,000 with 16% interest, to be received in18 years? $161.61 $150.30 $155.83 $148.48 $138.29 Kimberly buys a note from a municipality that promises to pay $1, 500 at the end of each of three years. How much should Kimberly pay for the note if she desires a of return at 8%, compounded annually