10. Which of the following costs should not be included in the cost of sheet? A. The inventory purchase price B. Shipping and handling costs paid to acquire the inventory C. Sales commissions paid to personnel who sell inventory to the end consumer D. Costs of leasing the warchouse where the invensory is stored E. None of the above invenoy neponted on the bulence 11. Which of the following inventory cost flow assumptions always results in the highest reponted Cost o Goods Sold? ALIFO B FIFO C. Average cost D. E. Neither-it depends on whether inventory costs have beem rising or falling 12. A LIFO liquidation occurs when uForventory firm: A. Purchases more inventory than it sells in a given period B. Switches from the perpetual to the periodic inventoey costing systom. C. Sells more inventory than it purchases in a given period D. Switches from the periodic to the perpetual inventory costing systcem E. None of the above 13. The contra account to inventory that allows firms to use FIFO for their internal record keepingba report LIFO inventory and COGS on their external financial statements is called: A. The LIFO reserve. B. The LIFO layer C. The LIFO account D. The LIFO liquidator. E. The LIFO FIFO 14. What inventory impairment rule must firms using LIFO use to value their inventiory on the ba sheet? A. The Lower of Cost or Market B. The Lower of Cost or Net Realizable Valuc C. The Lower of Historical or Replacement Cost D. The Cost of First Choice E. None of the Above of inventory's his to: A. Its replacement cost B. Its selling price. C. The selling price less a normal profit margin. D. The selling price less costs of completion and disposal. E. None of the above