Liabilities are best defined as: A. Amounts the company expects to collect in the future from customers. B. Debts or obligations the company owes resulting from past transactions. C. The amounts that owners have invested n the business. D. Payments to stockholders. Consider the following inventory transactions for September. For the month of September, the company sold 35 units. What is the cost of goods sold under the weighted average cost method A. $121 B. $116 C. $124 D. $131 The depreciable cost used in calculating depreciation expenses is A. its service life. B. The amount allowable under tax depreciation methods. C. The difference between its replacement value and cost. D. The asset's cost minus its estimated residual value