19. Concerning the lower of cost or market (LCM) for inventory purposes, market may reflect (3 points): A. Specific identification or average cost. B. Replacement cost, net realizable value of net realizable value less normal profit margin C. FIFO or LIFO. D. None of the above. Problems with on delivery or point of sale revenue recognition include [3 points): A. Agency relationships, such as consignments B. Seller buybacks C. Buyer right of returns D. All of the above 20. 21. The percentage of completion revenue recognition results in (3 points): A. Revenues recognized over the contract period based on the ratio of accumulated actual costs incurred to total estimated costs. B. Revenues recognized when the contract is finished C. Revenues recognized when accumulated billings exceed accumulated costs incurred D. Revenues recognized when billings on uncompleted contracts are collected. In connection with revenue recognition, delivery occurs when (3 points); A. Buyer has title or the economic benefit. B. The product is received. C. Seller has no material obligations to the buyer. D. A and C. 22 23. Concerning the retail inventory method [5 points). A. Compared to the average cost method, the conventional method (LCM) results in a higher ending inventory balance. B. Compared to the average cost method, the conventional method (LCM) results in a lower ending inventory balance. C. Compared to the average cost method, the conventional method (LCM) results in a lower cost of sales. D. None of the above