1) Who includes goods in transit with shipping terms FOB destination point in their ending inventory? a. Seller b. Buyer c. Both d. Neither 2) ABC Retailer has the following inventory at the end of the year: 1,000 units in the store, 200 units out for delivery (FOB shipping point), and 100 units on consignment (they are the consignor). 50 of the units in the store are damaged and can't be sold. How many units should be included in ending inventory? a. 950 units b. 1,050 units c. 1,250 units d. 1,300 units 3) All of the following are included in inventory cost except: a. Shipping costs b. Storage c. Import Duties d. Advertising Ending inventory approximates current replacement costs using which inventory method? 4) a. FIFO b. LIFO c. Weighted average d. Specific Identification 5) When purchase prices are rising, which method typically assigns the highest amount to cost of goods sold: a. FIFO b. LIFO c. Weighted Average d. Specific Identification