EXAM-3%20-ACCT%20101-%20Fal%2C2018( . Comertiblity Mode Design Layout References Mailings Review View Help Tell me what you want to da s New Ro 13 Normal No Paragrapt Styles 1. When the terms of sale are FOB destination, who should ultimately pay the transportatis a Supplier b Seller . Shipping company d. Buyer 2. Which of the following methods uses the latest price of inventory first when assigning a our inventory? a FIFO b. LIFO c. Average cost 3. Merchandise inventory is classified on the balance sheet as a a Current asset b current liability cit's not on the balance sheet d long-term liability 4. A new account on the multi-step income statement for a merchandiset uses which of t as an expense when selling inventony a wages expeise b merchandise inventory a merchandiser uses which of th cost of goods sold d copyright 5. Taking advantage of a 2:10, n 30 purchases discount is equal to a yearly savings rate o approximately (assume 360 days a year) 24% arch