Version A taternerding inventory from damage and reporting inventory in the financial statements 12. The primary objectives primary objectives of control over inventory are: A) reporting inventory in the financial statements. the financial statements C) maintaining constant observation of the inventory and reporting inventory in ventory from damage and maintaining constant observation of the inventory which of the followingis not an example for safeguarding inventory? A) Storing inventory in restricted areas. B) Physical devices such as two-way mirrors, cameras, and alarms. documents, purchase orders, and vendor's invoice O Matching receiving D) Returning inventory that is defective or broken. 14. Which of the following methods is appropriate for a business whose inventory consists of a relatively small number of unique, high-cost A) FIFO items? 8) LIFO C) average D) specific identification 15. Ending inventory is made up of the oldest purchases when a company uses: A) first-in, first-out B) last-in, first-out C) average cost D) retail method 16. The inventory costing method that reports the most current prices in ending inventory is: A) FIFO 8) specific identification C LIFO D) average cost