When a company purchases inventory on account Multiple Choice the amount of total asset decreases. the amount of expenses increases. the amount of total assets remains the same. the amount of total assets increases. The value of cost of goods available for sale is split between which two accounts within the financial statements? Multiple Choice Cost of Goods Sold and Inventory Inventory and Revenue Revenue and Cost of Goods Sold Accounts Receivable and Inventory Which of the following businesses is most likely to use a specific identification cost flow method? Multiple Choice Jewelry store Grocery store Hardware store Clothing store