23) Washington maintains a subsidiary ledger account for cach type of TV carried in the store. An examination of the account for the Flat TV model at the end of February would show: A) 4 units on hand with a total value of $1,400. B) 4 units on hand with a total value of $5,600. C) 13 units on hand with a total value of $18,200. D) The amount that Washington owes to Bass. 24) Inventory shrinkage is not caused by: A) Shoplifting. B) Breakage. C) Price reductions by competitors. D) Spoilage. 25) In a periodic inventory system, the formula used in computing the cost of goods sold may be summarized as follows: A) Beginning inventory+ purchases- ending inventory B) Beginning inventory + purchases - net sales. C) Ending inventory+purchases -net sales. D) Balance in the Cost of Goods Sold account, less the balance in the Inventory Shrinkage account. 26) Which of the following statements about a periodic inventory system is not correct? A) These systems are used primarily by small businesses with manual accounting systems B) The system does not include an up-to-date inventory ledger C) The balance in the Inventory account remains unchanged until the end of the period. D) The Cost of Goods Sold account is updated as sales transactions occur. 27) Which of the following companies would be most likely to use a periodic inventory system? A) IBM. B) First Bank of New York C) Sears. D) A newspaper stand. 28) Which account listed below is classified as a contra-revenue account? A) Cost of Goods Sold. B) Gross profit. C) Sales Discounts. D) Purchases