Question 29 2 pts A periodic inventory system updates the inventory account only at the end of an accounting period once the physical count is taken True False Question 30 2 pts When goods are shipped FOB destination, the seller is responsible for the shipping costs and debits the Delivery Expense account for the cost incurred to ship the inventory to the buyer. True O False Question 31 2 pts According to the Internal Revenue Service companies may use FIFO for financial reporting and LIFO for tax reporting (e. companies can "have their cake and eat it too"), True False MacBook Air