When physical inventory is less than book inventory we have an overage. O True False Question 7 The computation from book figures of the amount of merchandise that should be on hand at retail is called? O Maintained book inventory O Physical inventory O statistical inventory O Actual inventory Question 8 The main reason for calculating a physical book inventory are: O All of the above To determine the stock shortage O To determine stock on hand O Estimation of profits 5 pts 5 pts 5 pts