Question 21 (1 point) Effective inventory management would have one person place the order for new inventory, a second person check it against the purchase order when it arrives, and a third person record the receipt of inventory in the accounting records. The purpose of this system is to reduce spoilage. to reduce storage costs. to guard against stockouts. to guard against internal theft and collusion. Ariel Co.'s gross profit margin increased from 41.5% in 2020 to 44.3% in 2021. Possible reasons may include: increased shipping costs use of early payment discounts for merchandise purchases cost of obsolete product passed on to the customer O reduced selling prices Question 23 (1 point) Which of the following cost formulas would be most inventory of liquids stored in tanks? iate for costing an weighted-average FIFO periodic O perpetual Question 24 (1 point) Which of the following is the correct flow of costs in a manufacturing operation? Raw materials to finished goods to COGS Raw materials to COGS to finished goods to work-in-process Raw materials to work-in-process to finished goods to COGS Direct materials to work-in-process to finished goods to COGS Question 25 (1 point) The inventory writedown incurred from applying the lower of cost and net realizable value rule to inventory is not reflected on the Statement of Financial Position. an adjustment to cost of goods sold. not reflected on the Statement of Income. O not considered a permanent loss. Question 26 (1 point) In a manufacturing process overhead costs are added to which inventory account? Raw Materials Finished Goods Work-in-Process Cost of Goods Sold