Which of the following is atruestatement?

Select one:

a.The entries to account for GST are regarded as internal transactions.

b.GSTreceivableisan income account.

c.GST payable is an asset account.

d.In the income statement, income and expenses are recorded net of GST.

e.IftheGSTinclusivepriceofa package of books is $1,200 the GST component is $120.

__________ results in the ending inventory being valued at the most current cost.

Select one:

a.Moving Average.

b.LIFO.

c.FIFO.

d.Specific Identification.

e.Weighted Average.