5. Goods in transit which are shipped ob, shipping point should h included in the inventory of the buyer. C) included in the inventory of the shipping company included in the inventory of the seller A) None of these answer choices are correct. D) 6. Which method may be used to record cash discounts a company recei promptly? A) Net method. B) Gross method. C) Average method. D) Both the net method and the gross method. 7. Goods in transit which are shipped fo.b. destination should be A) included in the inventory of the seller B) included in the inventory of the buyer. included in the inventory of the shipping company. D) none of these answers are correct. g inventory at net realizable value is permitted, even if it is above cost, when there are no significant costs of disposal involved and A) the endin g inventory is determined by a physical inventory count. B) a normal profit is not anticipated. there is a controlled market with a quoted price applicable to all quantities. D) the internal service is assured that the practice is not used only to distort reported net 9. Eaton Company y, which uses the retail LIFO method to determ ine inventory cost, has provided the following information for 2017 Inventory, 1/1/17 Net purchases Net markups Net markdowns Net sales S 282,000 1,134,000 $420,000 1,686,000 204,000 90,000 1,590,000 rice index was 105 at December 31, 2017 and 100 at January 1, 2017, what is the Assuming that the p cost of Eaton's inventory at December 31, 2017 under the dollar-value-LIFO retail method? A) $401,070. B) $416,745. C) $420,915 D) $395,400. Page 2