25. When usinga perpetual inventory system, A) no Purchases account is used. B) a Cost of Goods Sold account is used. C) two entries are required to record a sale. D) All of these answer choices are correct. 26. Which of the following is a product cost as it relates to inventory? A) Selling costs. B) Interest costs. C) Raw materials D) Abnormal spoilage 27. An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the ending inventory valuation is A) FIFO. B) LIFO C) base stock D) weighted-average. 28. In a period of rising prices, the inventory method which tends to give the highest reported net income is A) base stock. B) first-in, first-out. C) last-in, first-out. D) weighted-average. 29. Which of the following is a period cost? A) Direct costs. B) Freight in. C) Production costs. D) Selling costs. 30. Morgan Manufacturing Company has the following account balances at year end: Office supplies $ 4,000 27,000 59,000 97,000 6,000 Raw materials Work-in-process Finished goods Prepaid insurance What amount should Morgan report as inventories in its balance sheet? A) $97,000. B) $101,000. C) $183,000. D) $187,000.
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