8. 7. 5. A company has accounts named Purchases, Purchases Discounts, Purchases Returns and Allowances, and...

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8. 7. 5. A company has accounts named Purchases, Purchases Discounts, Purchases Returns and Allowances, and Freight-in as part of its chart of accounts. This company is using which system of inventory? a. b. C. d. 6. a. b. Perpetual system Periodic system Either the perpetual system or the periodic system, depending on the size of the inventory Specific identification system Consigned goods C. d. remain on the books and records of the consignor. are recorded on the books and records of the consignee. are paid for by the consignee when the goods are delivered to the consignee. may be used by the consignee as collateral on a note. LIFO Reserve is defined as a. b. C. d. the amount assigned as a valuation of the cost of goods sold to the customer. a reserve account of LIFO costs from previous periods that values inventory at a higher amount than FIFO. the change in an allowance account balance from one period to the next. the difference between the inventory method used for internal reporting purposes and LIFO. Net realizable value refers to a. b. C. d. the selling price in the ordinary course of doing business, plus predictable costs of completion, plus costs of disposal and transportation. the selling price in the ordinary course of doing business, less predictable costs of completion, plus costs of disposal and transportation. the selling price in the ordinary course of doing business, less predictable costs of completion, less costs of disposal and transportation. the fair market value of the item sold, less the selling price in the ordinary course of doing business. 8. 7. 5. A company has accounts named Purchases, Purchases Discounts, Purchases Returns and Allowances, and Freight-in as part of its chart of accounts. This company is using which system of inventory? a. b. C. d. 6. a. b. Perpetual system Periodic system Either the perpetual system or the periodic system, depending on the size of the inventory Specific identification system Consigned goods C. d. remain on the books and records of the consignor. are recorded on the books and records of the consignee. are paid for by the consignee when the goods are delivered to the consignee. may be used by the consignee as collateral on a note. LIFO Reserve is defined as a. b. C. d. the amount assigned as a valuation of the cost of goods sold to the customer. a reserve account of LIFO costs from previous periods that values inventory at a higher amount than FIFO. the change in an allowance account balance from one period to the next. the difference between the inventory method used for internal reporting purposes and LIFO. Net realizable value refers to a. b. C. d. the selling price in the ordinary course of doing business, plus predictable costs of completion, plus costs of disposal and transportation. the selling price in the ordinary course of doing business, less predictable costs of completion, plus costs of disposal and transportation. the selling price in the ordinary course of doing business, less predictable costs of completion, less costs of disposal and transportation. the fair market value of the item sold, less the selling price in the ordinary course of doing business.