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Question 14 3 pts The selected inventory costing method (FIFO, LIFO, etc.) Impacts: The shipping...

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Question 14 3 pts The selected inventory costing method (FIFO, LIFO, etc.) Impacts: The shipping terms to the buyer. Sales Revenue Cost of goods sold,gross profit, net income and ending inventory The number of units of inventory on hand at year-end. Question 15 3 pts If a grocery store's physical flow of inventory through the business is on a first-in, first-out basis, what inventory costing method is the store reguired to use for accounting purpopes? O FIFO The store is not required to use a specific method based on the physical flow of its inventory, rather the store can choose to use any of the allowed Inventory conting methods for accounting purposes Weighted Average LIFO

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