Durinta period of steadily falling prices, which inventory cost flow assumption results in reporting the lowest net income? Select one O A. Weighted-average OB. FIFO C. Average cost D. Specific identification O E. Retail method In the process of adjusting inventory, how can the lower of cost and net realizable value be applied to the ending inventory? Select one: O A To groups of similar or related items B. The inventory as a whole C. Current sales price D. Purchase price O E. Current replacement cost An internal control system is the policies and procedures that managers use to Select one: A. Protect assets OB. Encourage adherence to company policies. O C. Ensure reliable accounting 0 D. Promote efficient operations O E. All of the above A good system of internal control Select one O A. Both encourages adherence to prescribed managerial policies and promotes operational efficiencies B. Promotes operational efficiencies C. Eliminates the need for an audit O D. Encourages adherence to prescribed managerial policies O E. All of the above The custodian of a $450 petty cash fund has $62 50 in coins and currency plus $382.50 in receipts at the end of the month. The entry to replenish the petty cash fund wilindude Select one O A. Acredit to Cash Over and Short for $5.00 OB. A debit to Petty Cash for $382.50 O C. A debit to Cash for $387.50 O D. A debit to Miscellaneous Expenses for $377.50 O E. A credit to Cash for $387.50