1. In QuickBooks, Which 3 statements are true about revaluing inventory?

1. An Inventory Valuation adjustment can be created
2. An Obsolescence inventory asset account should be created
3. Best practice is to use a Clearing bank type of account to record entries
4. Use an Inventory Adjustment to adjust the quantity (and value) down to zero
5. Use a zero-dollar purchase transaction to revalue the inventory