33 3 points A method of valuing inventory based on the assumption that the oldest inventory purchases will be sold first is called the: O Specific identification method. O Weighted average method. OLIFO method O FIFO method 34 3 points When the allowance method is used to account for uncollectible accounts, Bad Debt Expense is debited when A sale is made A customer's account becomes past due for more than 90 days. A customer's account is deemed worthless and is written-off Management estimates the amount of uncollectibles at year-end. 35 3 points Charmed, Inc. purchased merchandise from Birch Co, on account. The journal entry Charmed would record for the purchase is: O Debit Inventory, credit Cash O Debit Inventory, credit Accounts Receivable. Debit Inventory, credit Accounts Payable. Debit Cash: credit Inventory