what are the correct answer for these Beginning inventory pl

what are the correct answer for these?

Beginning inventory plus purchases equals: O goods available for sale O ending inventory o cost of goods sold. O net purchases. Inventory is reported as a(n)on the: O current asset: balance sheet and income statement expense; balance sheet current asset balance sheet only O expense; income statement Which inventory system updates the inventory account only at the end of the accounting period O Periodic O FIFO O LIFO Perpetual

Solution

Question 1) beginning inventory + Purchase = Goods Available for Sales Answer =Option 1 = Goods Available for Sales Question 2) inventory is reported as current assets on the balance sheet. Answer = Option 3 = Current Assets ; Balance sheet only Question 3) Perpetual inventory system update the inventory accounts only at the end of the accounting period Answer = Option 4 = Perpetual Question 4) Buying raw materials are used only in manufacturing of operation only, in service company there is no raw material purhcase Answer = Option 3 = Buying raw materials Question 5) Answer = Option 4 = FOB Shipping point