SALES RETURNS I ALLOWANCES 10 MOTS RECEIVABLE - TAYLOR CO. MERCHANDILX INVENTORY COST OF GOOD SOLD 22) The value of inventory includes A) Purchases + Purchases Returns and Allowances. B) Purchases + Freight - Purchases Discount - Purchases Returns and Allowance C) Purchases + Freight - Purchases Returns and Allowances. D) Purchases + Freight 23) Inventory is a(n) A) cost. B) asset. C) liability. D) revenue. 4) Jackie's Online Service started with $7,000 in Inventory and had the followin tals for the month: les $20,000 es Returns and Allowances 2,000 t of Goods Sold 8,000 chases 14,000