TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 7) The balance sheet of a merchandiser looks the same as the balance sheet of a retailer, except merchandisers have the following additional current liability accounts: Estimated Returns Inventory and Refunds Payable. 8) 8) The net income calculated using either the single-step or multi-step income statement formats is always the same. 9) In computing the lower-of-cost-or-market, current replacement cost is the cost to replace the inventory on hand 10) If the maker of the note does not pay at maturity, the note has expired and is no longer in force 11) Freight in is recorded in the Merchandise Inventory account if the purchaser uses the perpetual inventory system 12) When using the weighted-average inventory costing method, the dollar amounts for ending inventory and cost of goods sold are the same for both the perpetual and periodic inventory costing methods