Which of the following is generally not disclosed in the notes to the financial statements for inventory? Major categories of inventories Consideration of lower-of-cost-or-market or net-realizable value Inventory method Expected gross profit on the eventual sale of inventory If the value of a unit of imentory has declined below its original cost, but the replacement cost exceeds net realizable value, the amount to be used for purposes of irventory valuation is net realizable value less a normal profit margin. replacement cost. Inet realizable value. original cost. In a perpetual inventory system, the inventory account Is debited for purchases and credited when the goods are sold and the cost is transferred to cost of foods sold. is debited for purchases and credited for sales returns. is debited for purchases and credited for purchase raturns and freight-in. Is not adiusted for cost of goods sold until the end of the accounting period. What is the normal journal entry for recording bad debt expense under the allowance method? Debit Bad Debt Expense, credit Allowance for Doubtful Accounts. Debit Allowance for Doubtful Accounts, credit Bad Debt Expense. Debit Allowance for Doubtful Accounts, credit Accounts Receivable. Debit Accounts Receivable, credit Allowance for Doubtful Accounts. a company uses the gross method of recording accounte recelvable from customers, then sales discounts taken should be reported a deduction from sales in the income statement a deduction from accounts receivable in detruminimg the accounts receivable amount oxpected to be collected. anitem of "other expense" in the income statement sales discounts forteited in the cost of goods sold section of the income statement