Which inventory costing method is expensive to implement? a. Specific identification b. Weighted-average cost c. FIFO d. LIFO 7. stored in a 8. Which inventory costing method is frequently used when undifferentiated units are ste common area? a. Specific identification b. Weighted-average cost c. FIFC d. LIFO rising unt 9. Which inventory costing method results in the lowest net income during a period of ris prices? a. Specific identification b. Weighted-average cost c. FIFO d. LIFO f-cost-or-market method? 10. Which inventory costing method does not require the use of the lower-o a. Specific identification b. Weighted-average cost c. FIFO All methods require the use of LCM. d. 11. Tracker Corp. reported annual cost of goods sold of $30,000 and average inventory on hand du the year of $3,750. What was Tracker's inventory turnover? a. 0.125 times b. 8.0 times c. $26,250 d. 8.0% 12. The Avner Company reports ending inventory under the LIFO method of $15,000. Had Avner used FIFO, the ending inventory would have been reported as $16,500. Avner's LIFO inventory reserve is a. $31,500 b. $15,000 C. $1,500 d. 91% 13. The periodic inventory system differs from the perpetual inventory system because the periodic system is not compatible with modern technology. because the perpetual system continually updates inventory, while the periodic inventory system only updates inventory at the end of the period. a. b. c. because the periodic system continually updates inventory, while the perpetual inventory systent d. because the periodic system is more complex and costly only updates inventory at the end of the period