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1. The factor which determines whether or not goods should be included in a physical count of inventory is a. physical possession. b. legal title. c. management's judgment. d. whether or not the purchase price has been paid. 2. If beginning inventory is understated by $10,000, the effect of this error in the current period is a.b.c.d.CostofGoodsSoldUnderstatedOverstatedUnderstatedOverstatedNetIncomeUnderstatedOverstatedOverstatedUnderstated 3. Barnett Company had the following records: What is Barnett's inventory turnover for 2022? (rounded) a. 9.4 times b. 9.7 times c. 9.9 times d. 10.0 times 4. The management of Itzuri Corp. is considering the effects of various inventory costing methods on its financial statements and its income tax expense. Assuming that the price the company pays for inventory is increasing, a. the method that results in the lowest income tax expense is b. the method that results in the highest net income: c. the method that results in the highest ending inventory: 5. On December 31, 2021, Toby Company's inventory records indicated a balance of $632,000. Upon further investigation it was determined that this amount included the following: - $112,000 in inventory purchases made by Toby shipped from the seller 12/27/21 terms FOB destination, but not due to be received until 1/2/2022. - $74,000 in goods sold by Toby with terms FOB destination on 12/27/21. The goods are not expected to reach their destination until 1/6/2022. - \$6,000 of goods received on consignment from Molly Company. What is Toby's correct ending inventory balance on December 31, 2021? a. $520,000 b. $626,000 c. $440,000 d. $514,000