To determine cost of goods sold for the period requires:

a.subtracting ending inventory from the goods available to sell, which is the beginning inventory plus purchases

b.adding ending inventory to the goods available to sell, which is the beginning inventory plus purchases

c.subtracting beginning inventory from the goods available to sell, which is the ending inventory plus purchases

d.adding beginning inventory to the goods available to sell, which is the ending inventory plus purchases

Which inventory system updates the inventory account only at the end of the accounting period?

a.LIFO

b.Perpetual

c.FIFO

d.Periodic

Inventory shipped FOB shipping point and in transit on the last day of the year should be included in:

a.the inventory balance of the seller.

b.the inventory balance of the buyer.

c.neither the inventory balance of the buyer or the seller.

d.both the inventory balance of the buyer and the seller.