layer.edu/webapps/assessment/take/launch.jsp?course_assessment_id = 1 QUESTION 1 The Inventory account is used in each of the following except the entry to record O goods purchased on account the return of goods purchased. O payment of freight on goods sold. O payment within the discount period. QUESTION 2 "If a company determines cost of goods sold each time a sale occurs, it e must have a computer accounting system. uses a combination of the perpetual and periodic inventory systems e uses a periodic inventory system, uses a perpetual inventory system QUESTION 3 The LIFO inventory method assumes that the cost of the latest units purchased are the last to be allocated to cost of goods sold the first to be allocated to ending inventory the first to be allocated to cost of goods sold. not allocated to cost of goods sold or ending inventory not allocated to cost of goods sold or ending inventory QUESTION 4 Accounts Receivable and Accounts Payable are examples of nominal accounts. controlling accounts. subsidiary ledger accounts. both nominal accounts and controlling accounts. QUESTION 5 In which journal would a cash purchase of inventory be recorded? Purchases journal General journal Cash payments journal None of these answer choices are correct. Click Save and submit to save and submit. Click Save all answers to save alt answers