8. Which inventory costing method is not permitted by International Financial Reporting Standards (IFRS)? A. Specific Identification B. FIFO C. LIFO D. Average Cost 9. When inventory is being shipped F.O.B. destination point, which party is responsible for paying the freight charges? A. The buyer of the inventory B. The seller of the inventory 10. When inventory is being shipped F.O.B. shipping point, which party is responsible for paying the freight charges? A. The buyer of the inventory B. The seller of the inventory 11. Which inventory costing methods will always yield the same amounts for their cost of goods sold calculations? A. The periodic FIFO and perpetual FIFO methods B. The periodic average cost and perpetual weighted-average cost methods C. The periodic LIFO and perpetual LIFO methods D. The perpetual LIFO and Dollar Value LIFO methods E. The specific identification and perpetual weighted-average cost methods 12. Which of the following accounts is NOT an example of a contra-asset? A. Allowance for Uncollectible Accounts B. Discount on Note Receivable C. Sales Returns and Allowances D. Accumulated Depreciation E. LIFO Reserve 13. Which inventory costing flow assumption reports the most recent inventory cost on the balance sheet? A. FIFO B. LIFO 14. How many inventory-related asset accounts does a manufacturing company usually have? A. 0 B. 1 C. 2 D. 3 (DM, WIP, and FG) E. 4