32,400 59,000 d Sold Is are 10 percent of monthly purchases. oyee meals are 10 percent of monthly Required Calculate inventory at May 1, 20X8. 29,676 Problem 4 ne whether the following statements regarding inventory Determin false. 1. Expensiv 2. Invento guidelines are true or e items should be inventoried daily. tory should be kept in a locked storeroom, and every employee should have a key to access it. Inventory control forms should be made ahead of time so that when the inventory is checked periodically, the process will go smoothly. 4. Inventory records should be kept by an accountant who does not have access to the 5. The controller should be notified if there is a significant underage or overage in 6. The custodian of the inventory should have access to the inventory records so he or physical inventory. inventory she can be sure that the actual inventory matches the records. Problem 5