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1. Which of the following is a characteristic of a perpetual inventory system? A) Inventory purchases are debited to a Purchases account. B) Inventory records are not kept for every item. C) Cost of goods sold is recorded with each sale. D) Cost of goods sold is determined as the amount of purchases less the change in inventory 2. Where should goods in transit that were recently purchased f.o.b. destination be included on the balance sheet? A) Accounts payable. B) Inventory. C) Equipment. D) Not on the balance sheet. 3. Goods on consignment are A) included in the consignee's inventory. B) included in the consignor's inventory. C) included in the consignee's revenue. D) included in both the consignee's and the consignor's inventory. b. 4. Which inventory costing method most closely approximates current cost for each of the following: Ending Inventory Cost of Goods Sold FIFO FIFO FIFO LIFO obali LIFO FIFO Obor SDS LIFO LIFOOD ) ) C) D) d D ahlgrooglada O d blad mo D u 000, svo 000, 0 0 Page 1