A business uses a perpetual inventory system. During periods of rising prices, cost of goods sold using the weighted average cost formula will be: Select one: O a. lower than using the FIFO cost formula. O b. the same as using the FIFO cost formula. Oc higher than using the fifo Tost formula. O d. indeterminable. Recording bad debt expense under the allowance method will have what effect on the financial statements? Select one: a. Profit is unchanged and total assets is unchanged O b. Profit increases and total assets decrease Oc. Profit decreases and total assets is unchanged O d. Profit decreases and total assets decrease Profit is unchanged and total assets decrease e. Which one of the following statements concerning bad debt expenses is correct? Select one: O a. Under the percentage of receivables method, bad debt expense is the year- end receivables multiplied by the % of uncollectible accounts. O b. You record bad debt expense when individual accounts receivable becomes uncollectible. When you write off an accounts receivable, you debit bad debt expense and credit accounts receivable. O d. When the allowance method is used, bad debt expense is recorded before the accounts are written off. 0