In a periodic inventory system, which accounts are credited in the adjusting/closing process? Select one: a. Purchase Discounts, but not Freight-In b. Freight-In, but not Purchase Discounts c. Both Purchase Discounts and Freight-In d. Neither Purchase Discounts nor Freight-In In periods of rising prices, use of LIFO rather than FIFO inventory method will have what effect on Net Income and Working Capital, respectively? Select one: a. Higher, Lower b. Lower, Lower c. Higher, Higher d. Lower, Higher F.O.B. Destination indicates that: Select one: o a. Merchandise should be included in the seller's inventory on the shipment date. O b. The seller should record sales revenue as soon as the merchandise has been shipped. O c. The buyer owns the merchandise during transit. O d. Title to the merchandise passes to the buyer upon shipment by the seller. Use the following information for the month of May: May 1 Beginning inventory 20 units @ $16 7 Purchases 70 units @ $20 18 Sales 25 units 22 Purchases 40 units @ $22 29 Sales 10 units Assuming that a LIFO perpetual inventory system is used, what is ending inventory? Select one: a. $1,880 b. $1,980 c. $1,780