Maps Rich LTI $ Account Schoology C Question 1412 Poin. QUESTIOIT point Lower of cost and net realizable value principle involves: O a b recording the revenue on sale of merchandise inventory at the market price of an inventory item writing inventory down to the lower amount of the inventory cost and the amount expected to be received upon sale of the goods writing inventory up to the higher of inventory cost and the current market price. all of the above Od Question 2 (2 points) The owner of 555 Antiques, an aniques dealer, purchased an estate including a rare collection of superhero comic books for a bid price of s 37.500. The terms of the purchase price were FOB Shipping Posint, and the cost of transporting the goods to the 555 Antiques warehouse was $ 1.200.555 Antiques insured the shipment at a cost of $ 150. Prior to placing the goods in the store, they cleaned and refurbished some merchandise at a cost of $ 490 for labour and parts. Determine the cost of the inventory Ob 37500 38700 39340 38850 Od Question 31 point) Periodic Inventory system provides more timely infirmation to managers True False Time left for this assessment 39:21