struggling right now

MC Qu. 07-22 A perpetual inventory system differs... A perpetual inventory system differs from a periodic system in that Multiple Choice C the books of account are closed more often. O a perpetual system regularly takes physical counts of inventory on hand. O a uniform base stock of inventory is always kept on hand. O up-to-date inventory records are maintained.'I'F Du. 07-10 The lower of cost and... The lower of cost and net realizable value (LC&NRV] rule requires that damaged. deteriorated or obsolete items be assigned a unit cost that represents their current estimaled net realizable value. True or False TF Qu. 07-11 Higher inventory turnover indicates that... Higher inventory turnover indicates that inventory is turned into cash more quickly. True or False True FalseIn order to calculate cost of sales in a periodic inventory system, it is necessary to Multiple Choice O subtract gross profit from sales. O physically count the merchandise inventory that is on hand. O refer to the balance of the cost of sales account. O add up sales receipts for the period.TF Qu. 07-04 Purchase returns and allowances and... Purchase returns and allowances and purchase discounts are accounted for as deductions from the cost of purchases. True or False True False