Question Completion Status: QUESTION 9 Merchandising companies must account for: Sales. Sales discounts Sales returns and allowances. Cost of merchandise sold. All of the above QUESTION 10 Beginning inventory 10 units @ $10 per unit First purchase 35 units @ $11 per unit First sale 20 units Second purchase 40 units 512 per unit Second sale 35 units Third purchase 15 units $13 per unit What is the value of the ending inventory using a perpetual inventory system with the LIFO costing method? $485 $555 $520 5540 None of the above QUESTION 11 Click Save and Submit to sow and bit. Click Save All Answers to save all answers Save All Answers Remaining Time: 1 hour, 05 minutes, 42 seconds. Question Completion Status: QUESTION 11 Which of the following is not a proper internal control for taking a physical count of inventory? Prenumbered inventory tickets are prepared and distributed to counters. Employees responsible for the inventory perform the count Counters confirm the validity of inventory, including its existence, amounts, quality, and so forth. Separate counters perform second counts. Managers confirm that all inventories are ticketed once, and only once. QUESTION 12 4 Sales returns and allowances: Can provide useful information about dissatisfied customers and the possibility of lost future sales. Are recorded in separate contra-revenue accounts. Are closed to the income Summary account All of the above. QUESTION 13 4 pol Expenses that support the overall operations of a business and include the expenses relating to accounting, human resource management, and financial management are called: Cost of goods sold. Selling expenses. Purchasing expenses. General and administrative expenses. Nonoperating activities. Click Save and Submit to save and submit. Click Save All Answers to save all answers Save All Answers