Companies could choose between the different inventory systems based on which of the following? Compatibility with similar companies Maximizing net income Maximizing cash flow All of the above. The lower of cost or market rule describes the market value as? The cost of inventory accounted for Inflation. The replacement cost of inventory. The impaired value of the asset The value of inventory at its purchase price. Short answer What will the inventory turnover ratio and average days in inventory ratio tell you? ln a period of rising prices (inflation). UFO will have what effect on the income statement? If an asset is purchased for $25,000, its residual value is $5,000 and the accumulated depreciation account has $8,000 as its balance- what is the current book value