9. Under IFRS, which of the following methods is not inventory? acceptable for the valuation of a. FIFO b. LIFO c. Average cost Specific identification. 10. Merchandise purchased for resale Freight-in Freight-out Purchase returns Purchase discounts $350,000 10,000 20,000 15,000 10,000 The cost of goods purchased is: a,$355,000. b.$335,000. .$355,000. d.$380,000. e. None of the above In preparing its August 31, 2012 bank reconciliation, Bing Corp. has available the following information 11. Balance per bank statement, 8/31/12 Deposit in transit, 8/31/12 Return of customer's check for insufficient funds, 8/30/12 $19,650 4,000 600 2,750 100 -Outstanding checks, 8/31/12 Bank service charges for August At August 31, 2012, Bing's correct cash balance is a, $19,800. b. $19,200. c. $19,100. d. $19,900. e. none of the above 12. The net assets of a business are equal to a. current assets minus current liabilities. b. total assets minus total liabilities c. total assets minus total stockholders' equity None of these. d