i just need answer i do not need explanation for questions

1 Merchandise inventory refers to products that a company owns and intends to sell to customers. true or false

2 A service company earns net income by buying and selling merchandise. true or false

3 A periodic inventory system requires updating of the inventory account only at the beginning of an accounting period. true or false

4 A perpetual inventory system continually updates accounting records for merchandising transactions. true or false

5 Quick assets include cash and cash equivalents, inventory, and current receivables. true or false

6 Successful use of a just-in-time inventory system can narrow the gap between the acid-test and the current ratio. true or false

7 A company's current ratio is 1.2 and its quick ratio is 0.25. This company is probably an excellent credit risk because the ratios reveal no indication of liquidity problems. true or false

8 Credit terms for a purchase include the amounts and timing of payments from a buyer to a seller. true or false

9 Purchase returns refer to merchandise a buyer acquires but then returns to the seller. true or false

10 Purchase allowances refer to merchandise a buyer acquires but then returns to the seller. true or false

11 Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. true or false

12 Net realizable value for damaged or obsolete goods is sales price less the cost of making the sale. true or false

13 Most companies do not take a physical count of inventory each year, but rather rely on inventory records to determine the inventory value. true or false

14 An advantage of the weighted average inventory method is that it tends to smooth out erratic changes in costs. true or false

15 An advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and does a better job of matching current costs with revenues on the income statement. true or false

16 An understatement of the ending inventory balance will overstate cost of goods sold and understate net income. true or false

17 The inventory turnover ratio is computed by dividing cost of goods sold by average merchandise inventory. true or false

18 Underwood had cost of goods sold of $8 million and its ending inventory was $2 million. Therefore, its days' sales in inventory equals 25 days. true or false

19 The FIFO inventory method assumes that costs for the latest units purchased are the first to be charged to the cost of goods sold. true or false

20 In applying the lower of cost or market method to inventory valuation, market is defined as the current replacement cost. true or false