10. What is an advantage of using the multiple-step income statement? a. It highlights the components of net income. b. Gross profit is not a separate item. c. It is easier to prepare than the single-step income statement. d. Net income will be higher than net income computed using the single-step income statement. 11. When is a physical inventory usually taken? a. When goods are not being sold or received. b. When the company has its greatest amount of inventory. c. At the end of the company's fiscal year. d. When the company has its greatest amount of inventory and at the end of the company's fiscal year. 12. Which of the following should not be included in the physical inventory of a company? a. Goods held on consignment from another company. b. Goods in transit from another company shipped FOB shipping point. c. Goods shipped on consignment to another company. d. All of these answer choices should be included