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Costs included in the Merchandise Inventory account can include all of the following except:

A. Damaged inventory that cannot be sold.
B. Storage.
C. Invoice price minus any discount.
D. Insurance.
E. Transportation-in.

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The cost of an inventory item includes its invoice cost minus any discount, plus any added or incidental costs necessary to put it in a place and condition for sale.

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The inventory valuation method that tends to smooth out erratic changes in costs is:

A. LIFO.
B. WIFO.
C. FIFO.
D. Weighted average.
E. Specific identification.

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The inventory valuation method that has the advantages of assigning an amount to inventory on the balance sheet that approximates its current cost, and also mimics the actual flow of goods for most businesses is:

A. Lower of cost or market.
B. Specific identification.
C. FIFO.
D. Weighted average.
E. LIFO.

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The five fundamental principles of accounting information systems are:

A. Historical cost, relevance, compatibility, flexibility, and cost-benefit.
B. Control, relevance, compatibility, flexibility, and safety.
C. Historical cost, relevance, compatibility, timeliness, and cost-benefit.
D. Control, accountability, relevance, compatibility, and flexibility.
E. Control, relevance, compatibility, flexibility, and cost-benefit

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Costs included in the Merchandise Inventory account can include all of the following except:

A. Damaged inventory that cannot be sold. B. Storage. C. Invoice price minus any discount. D. Insurance. E. Transportation-in.

The cost of an inventory item includes its invoice cost minus any discount, plus any added or incidental costs necessary to put it in a place and condition for sale.

The inventory valuation method that tends to smooth out erratic changes in costs is:

The inventory valuation method that has the advantages of assigning an amount to inventory on the balance sheet that approximates its current cost, and also mimics the actual flow of goods for most businesses is:

The five fundamental principles of accounting information systems are:

A. Damaged inventory that cannot be sold.
B. Storage.
C. Invoice price minus any discount.
D. Insurance.
E. Transportation-in.