9) Costs included in the Merchandise Inventory account can include all of the following except A) Invoice price minus any discount. B) Transportation-in. C) Damaged inventory that cannot be sold. D) Storage. E) Insurance. 10) Regardless of the inventory costing system used, cost of goods available for sale must be allocated at the end of the period between A) beginning inventory and cost of goods sold. B) beginning inventory and net purchases during the period C) ending inventory and cost of goods sold. D) net purchases during the period and ending inventory. E) ending inventory and beginning inventory 11) Consignment goods are: A) Reported in the consignee's books as inventory. B) Goods shipped by the owner to the consignee who sells the goods for the owner. C) Not reported in the consignor's inventory since they do not have possession of the inventory D) Always paid for by the consignee when they take possession E) Goods shipped to the consignor who sells the goods for the owner. 12) During a period of steadily rising costs, the inventory valuation method that yields the highest reported net income is: A) Average cost method. B) FIFO method C) Specific identification method. D) Weighted-average method. E) LIFO method. 13) The U.S. tax code requires: A) If a company uses LIFO for tax reporting, it must also be used for financial reporting- called the LIFO conformity rule. B) If a company uses FIFO for tax reporting, it must also be used for financial reporting- called the FIFO conformity rule. C) Weighted average be used for tax reporting. D) Periodic FIFO be used for tax reporting. E) Periodic LIFO be used for tax reporting