answer cuestione 1,2,3,4, found on page 349 ir the ACCOUNTING textbook

I. Before inventory purchases are recorded, the receiving report should be reconciled to what documents? 2. Why is it important to periodically take a physical inventory when using a perpetual inventory system? 3. Do the terms FIFO, LIFO and weighted average refer to techniques used in determining quantities of the various classes of merchandise on hand? Explain. 4. If merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costing-FIFO, LIFO, or weighted average cost, (b) the lowest inventory cost, (c) the highest gross profit, and (d) the