Qualified B. Unqualified C. Disclaimer D. Adverse 2. A new car lot would probably cost its inventory using the _______ method of inventory costing. A. FIFO B. specific-identification C. moving average D. LIFO 3. In order to pay the least income tax possible in periods of constant costs, the company should use which of the following inventory costing methods A. LIFO B. FIFO C. Average cost D. Any method, as there is no effect on net income or taxes for the period if costs are constant. 4.

B. increasing cost of goods sold and decreasing inventory. C. increasing inventory and decreasing cost of goods sold. D. making a note in the financial statements only. 5. Michelle, a customer of Regal Company, returned $45 of goods that were purchased on account. Under the perpetual inventory system, Regal will record a debit to _______ and a credit to _______ for $45. A. Sales; Accounts Receivable (Michelle) B. Cost of Goods Sold; Inventory C. Sales Returns and Allowances; Accounts Receivable (Michelle) D. Sales; Cost of Goods Sold 6. Give the correct example of a kickback. 

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