4. Which of the following should NOT be included in the inventory account of a company? A. Goods held on consignment from another company. B. Goods in transit from another company shipped FOB shipping point. C. Goods shipped on consignment to another company. D. All of these answer choices should be included in the inventory account of a company. 5. If companies have identical inventoriable costs but use different inventory flow assumptions when the price of goods have not been constant, then the A. cost of goods sold of the companies will be identical. B. cost of goods purchased during the year will be identical. C. ending inventory of the companies will be identical. D. net income of the companies will be identical. 6. After completing a bank reconciliation, a journal entry is NOT required for A. outstanding checks. B. an electronic collection of an account receivable by the bank. C. NSF checks. D. bank service charges. 7. Which of the following is the formula to calculate days' sales in inventory? A. 365 days/(cost of goods sold/average inventory) B. 365 days/inventory turnover C. Both A. and B. are correct D. None of the answers above are correct 8. A company just starting in business purchased three merchandise inventory items at the following prices: First purchase $600; Second purchase $750; Third purchase $840. If th company sold one unit for a total of $1,190 and used LIFO costing, the gross profit for the