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1. In perpetual inventory system, cost of purchases is debited to:

a. Purchases.
b. Cost of goods sold.
c. Inventory.
d. Accounts payable.

2. In periodic inventory system, cost of purchases is debited to:

a. Purchases.
b. Cost of goods sold.
c. Inventory.
d. Accounts payable.

3. In period when prices are rising and inventory quantities are stable, inventory method that would result in highest ending inventory is:

a. Weighted average.
b. FIFO.
c. LIFO.
d. None of the above.

4. Ending inventory is equal to cost of items on hand plus:

a. Items in transit sold f.o.b. shipping point.
b. Purchases in transit f.o.b. destination.
c. Items in transit sold f.o.b. destination.
d. None of the above.

5. Physical inventory count is taken when using which of the given inventory methods?

a. Perpetual
b. Periodic
c. Interim
d. Both perpetual and periodic methods.

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