The number of days' sales in inventory measures O a. the efficiency and effectiveness of liability management. O b. the length of time it takes to acquire, sell, and replace inventory. O c. the weighted average of time it takes to acquire, sell, and replace inventory. Od the average costs in receivable balances. The lower-of-cost-or-market method cannot be applied to O a. each item in the inventory. O b. each major class or category of inventory. O c. each item sold. O d. inventory as a whole. Inventory cost flow assumptions address accounting issues when a. identical units of merchandise are acquired at different unit costs during the period. an item is purchased and it is necessary to determine its cost. Oc. different units of merchandise are acquired at the same unit cost during the period. d. an item is sold and it is necessary to determine its sales price. O. Inventory turnover measures O a. the efficiency and effectiveness of costing management. O b. the relationship between cost of goods sold and the amount of inventory carried during the period. O c. the average amount of inventory sold. Od the times purchases are turned into inventory during the period. Morgan Industries is comparing and contrasting its ending Inventory value in terms of the three common inventory costing methods in order to help management determine the most appropriate method to use. The company determines three values, which are $95,000, $100,000, and $105,000. If management determines that $100,000 is the most appropriate value for its ending Inventory, what inventory cost method has it most likely chosen? OLIFO inventory cost method OD. FIFO inventory cost method Oc. Middle of cost or market method Od. Weighted average inventory cost method