1-Merchandise inventory includes: A. All goods owned by a company and held for sale B. All goods in transit C. All goods on consignment D. Only damaged goods 2- Goods in transit are included in a purchaser's inventory: A. At any time during transit B. When the purchaser is responsible for paying freight charges C. When the supplier is responsible for freight charges D. If the goods are shipped FOB destination 3-Physical inventory counts A. Are not necessary under the perpetual system B. Are necessary to measure and adjust for inventory shrinkage C. Must be taken at least once a month D. Require the use of hand-held portable computers