Question 9 (1 point) At the year-end Carpet & Company has shipped $5000 worth of merchandise goods on FOB Destination basis to Stark Company. These goods are still in transit at the end of the year. Since the goods are on th way to stark company, at the year end Stark company should include this s 5000 in their closing stock True O False Question 10 (1 point) Which of the follwoing assumptions regarding the first in first-out method is/are correct O a ob Od average cost per unit is calculated after each sale of goods Inventory items are assumed to be sold in the order they are acquired Inventory items are assumed to be purchased in the order they are acquired items in ending inventory do not reflect the most recent purchases Question 11 (1 point) Caps Co. a stre that sell baseball hats, received a shipment of inventory. The purchase price of Inventory is 5 2,000, a bulk discount of off Isreceived, the shipping charges are $ 200 and refundable taxes are $ 140. Total cost of inventory is Ob 2000 1540 1200 1400 Time left for this 35essinent 37:38 Question 1211 points the main difference between periodic and perpetual inventory system is @a O Oc Od the frequency with which the accounting records are updated to reflect the receipt of goods into inventory the length of time it takes to receive goods into inventory The length of time it it takes to sell an item in Inventory the frequency of receipt of goods by the receiving department Question 13(1 point) Under a periodic invnetory system, which of the following journal entries are booked at the time goods with a purchase price of $ 200 are sold to the customer for $ 500: Oa O Debit Purchases for $500 and Credit Sales for $500 Debit Accounts Receivable for $ 500 and Credit Sales for $ 500 Debit Accounts Receivable for $ 200 and Credit Inventory for $ 200 Debit Accounts Receivable for $ 500, credit inventory for $200 and credit sales for $300 d Question 14(1 point) Cisoing inventory is shown on Income Statment as cost for the period. True False Time left for this essent 37:23 False Question 15 (1 point) If prices are following, the FIFO method of inventory valuation result in the lower value of closing stock. True False Submit Support | Schoology Bic