30. Damaged and obsolete goods that can be sold: A) Are never counted as inventory B) Are included in inventory at their full cost C) Are included in inventory at their net re: D) Should be disposed of immediat 31. Internal controls that should be applied when a business takes a physical count of inventory. should include all of the following except: A) Prenumbered inventory tickets B) A manager confirms that all inventories are ticketed only once C) Counters confirm the validity of inventory existence, amounts, and quality D) Second counts by a different counter E) Counters of inventory should be those who are responsible for the inventory 32. 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 E) Only non-darnaged goods 33. The inventory valuation method that tends to smooth out erratic changes in costs is: A) FIFO B) Weighted average C) LIFO D) Specific identification E) WIFO 34. Acceptable methods of assigning specific costs to inventory and cost of goods sold include all of the following except: A) LIFO method B) FIFO method C) Specific identification method D) Weighted average method E) Retail method 35. The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the; A) Weighted average inventory method B) First-in, first-out method C) Last-in, first-out method D) Specific identification method E) Retail inventory method