Q28. The inventory turnover ratio is computed by dividing A. net income by average total inventory. B. cost of goods sold by ending total assets. C. cost of goods sold by average inventory. D. net sales by ending inventory Q29. Which of the following would not be considered an example of inventory control? A. separation of duties (accounting and physical handling) B. limiting access to the asset C. maintaining perpetual records D. maintaining depreciation ledgers on the assets Q30. Inventories should be measured initially at their but when the net realizable value falls below , these goods must be assigned a unit cost equal to their net realizable value. A. fair value.... cost B. cost.... cost C. market value... cost D. list price... market value Q31. Which of the following costs related to a long-life asset would NOT be capitalized? A. Shipping costs incurred to receive the asset B. Routine repair costs related to the asset C. Legal fees paid to a lawyer related to taking ownership of the asset D. Cost of improvements that extend the life of the assets Q32. Which of the following accounts would be considered a contra-asset? A. Sales discounts B. Accumulated depreciation C. Depreciation expense D. Cost of Goods Sold