03) 1 Question 3 (1.5 points) All other things being constant, which of the following statements is true? o 1) None of the above is true because it depends on which inventory costing method a company adopts. 2) The balance of ending inventory and cost of goods sold move in the same direction The balance of ending inventory and net income move in the same direction. The balance of ending Inventory and net income move in the opposite direction Question 4 (1 point #goods in transitare shipped FOB Shipping point o 1) the seller has legal title to the goods until they are delivered 2) the buyer has legal title to the goods once they leave the seller's warehouse 3) the transportation company has legal title to the goods while the goods are in transit 4) no one has legal title to the goods until they are delivered Question 5 point Which of the following statements is true? 011 Depreciation is a process of objective waluation 02) Accumulated depreciation is that portion of property plant and equipment's cost that has already been recorded as an expense 3 Depreciation means that a business sets aside cash to replace assets as they become fully depreciated. oe Accumulated depreciation represents a growing amount of cash to be used to replace the existing 3 6 9 2 5 51 Question 6 El pind Which of the following is incorrect regarding a perpetual Twentory system on the account Purchases is not used as inventory is CO2The balance in the inventory account is updated with nach inventory parchase and le transaction Physical counts of the entry are not send since records and on troby transaction 64 The cost of pada sors is increased when Sales are recorded Question 72 Gre the follow goodsad opened using the weighted average memod for pory Behring units 512 per PS Phases o 514 per 15 50 per 511