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What method yields results that are essentially the same as those of the conventional retail method? FIFO. Lower-of-average-cost-or-market. Average cost. LIFO. Where should raw materials be classified on the balance sheet? Prepaid expenses. Inventory. Equipment. Not on the balance sheet. Which of the following is a characteristic of a perpetual inventory system? Inventory purchases are debited to a Purchases account. Inventory records are not kept for every item. Cost of goods sold is recorded with each sale. Cost of goods sold is determined as the amount of purchases less the change in inventory. What is consigned inventory? Goods that are shipped, but title transfers to the receiver. Goods that are sold, but payment is not required until the goods are sold. Goods that are shipped, but title remains with the shipper. Goods that have been segregated for