27) The inventory valuation method that has the advantages of assigning an amount to inventory on the balance sheet that approximates its current cost, and also mimics the actual flow of goods for most businesses is: A) Weighted average. B) FIFO C) Specific identification. D) Lower of cost or market. E) LIFO 28) Which of the following is not one of the policies and procedures that make up an i A) Ensure reliable accounting. B) Promote efficient operations. C) Urge adherence to company policies. D) Protect assets. E) Guarantee a return to investors. 29) Physical counts of inventory: A) Are necessary to adjust the Inventory account to the actual inventory available. B) Are not necessary under the perpetual system. C) Are not necessary under the cost-to benefit constraint. D) Requires the use of hand-held portable computers. E) Must be taken at least once a month. 30) Costs included in the Merchandise Inventory account on the Balance Sheet can include all of the followin excepi: A) Insurance. B) Damaged inventory that cannot be sold. C) Transportation-in. D) Invoice price minus any discount E) Storage Ryan Company deposits all cash receipts on the day they are received and makes all cash payments b check. Ryan's June bank statement shows $18,361 on deposit in the bank. Ryan's comparison of the ban statement to its cash account revealed the following: Deposit in transit utstanding checks 1,45 83