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n/forms/d/e/1FAIpQLSeznHIM6ZCPSbr MbeJF7EB1GOGKRjn4nR-3hFwEJ2xn4RhstQ/formResponse 15. When businesses apply the lower of cost and net realizable value rule on an item by item basis, they will report the lowest inventory value possible. True O False 16. All businesses should take an inventory count once each year to identify inventory errors or shortages. C True O False 17. There is no difference in the amount of inventory calculated by the periodic and perpetual inventory systems when using FIFO or weighted average cost flow assumptions True False 18. The merchandise turnover ratio is calculated by dividing average merchandise inventory by cost of goods sold. M A FIO Prisc F12 6 & 7 * 00 ( 9 ) o Il +