Weston industries has a potential contingent liability that is considered reasonably possible. the company must now prepare a footnote to its financial statements describing the contingent liability. which of the following does not need to be included in this footnote?

1. there is potential for future payment to an outside party or the impairment of an asset that resulted from an existing condition.
2. there is uncertainty about the amount of the future payment or impairment.
3. the outcome will be resolved by some future event or events.
4. there is uncertainty about the risks involved.

Inventory by three methods; cost of goods sold the units of an item available for sale during the year were as follows: jan. 1 inventory 20 units at $1,800 may 15 purchase 31 units at $1,950 aug. 7 purchase 13 units at $2,040 nov. 20 purchase 16 units at $2,100 there are 18 units of the item in the physical inventory at december 31. determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: round your final answers to the nearest dollar. cost inventory method ending inventory cost of goods sold a. first-in, first-out method $ $ b. last-in, first-out method $ $ c. weighted average cost method $ $