The cost of goods sold can be determined only after a physical count of inventory on hand under the moving average system O periodic system perpetual inventory system variable costing system When goods are sold FOB shipping point, ownership of the inventory is passed when the inventory is shipped to the buyer inventory arrives at the destination purchase order for the inventory is complete inventory sold is segregated from the seller's other inventory Which of the following contingencies is usually accrued? risk of loss from fire expected proceeds from insurance settlement discovery of possible mineral reserves on company property bad debts