24) A perpetual inventory system: A) usually maintains inventory records only in terms of physical units on hand. B) uses a purchases account to record additions to inventory. C) eliminates the need to periodically take a physical inventory count. D) keeps a running record of the amount of inventory on hand. 25) Manufacturing costs not considered to be closely associated with production are called: A) period costs. B) product costs. C) absorption costs. D) variable costs. 26) Goods available for sale needs to be allocated between A) beginning inventory and inventory purchases. B) beginning inventory and ending inventory. C) ending inventory and cost of goods sold. D) inventory purchases and cost of goods sold. 27) The following information pertains to the Fan Company's inventory item B1008: In a periodic inventory system, the ending LIFO inventory is: A) \$1,624. B) $1,655. C) $1,678. D) $1,733. 28) The following information pertains to the Fan Company's inventory item B1008