Q • Question 1 0.2 out of 0.2 points During the taking of its physical inventory on December 31, Barry’s Bike Shop incorrectly counted its inventory as $350,000 instead of the correct amount of $280,000. The effect on the balance sheet and income statement would be • Question 2 0.2 out of 0.2 points Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sept. 1 Inventory 20 units at $20 4 Sale 10 units 10 Purchase 30 units at $25 17 Sale 20 units 30 Purchase 10 units at $30 If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is • Question 3 0.2 out of 0.2 points Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sept. 1 Inventory 20 units at $20 4 Sale 10 units 10 Purchase 30 units at $25 17 Sale 20 units 30 Purchase 10 units at $30 Use the information for Addison, Inc. If Addison uses LIFO, the cost of the ending merchandise inventory on September 30 is • Question 4 0.2 out of 0.2 points Before inventory purchases are recorded, the receiving report should be reconciled to what documents? • Question 5 0.2 out of 0.2 points Control of inventory should begin as soon as the inventory is ordered. Which of the following internal control steps is not done to meet this goal?

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