3 points Freight costs incurred by a buyer and added to the cost of inventory are: known as freight-out. known as freight-in. none of the choices is correct. operating expenses of the buyer. 3 points An inventory system that that shows the quantity and cost of goods that should be on hand and available for sale at any time is a: a just-in-time inventory system. periodic inventory system. a hybrid inventory system. perpetual inventory system. 3 points After applying FIFO, Entity C applies lower-of-cost-or-net-realizable-value (LCNRV) to its ending inventory. Which of the following statements about LCNRV is correct? It is completely optional after reporting the cost of the inventory FIFO. It is a way to increase net income in the absence of sales. It generally occurs when the value of the inventory has increased. It is required when the value of the inventory is lower than its cost