Internal controls that should be applied when a business takes a physical count of Inventory should Include all of the following except Multiple Choice Prenumbered inventory tickets. Counters or Inventory should be those who are responsible for the inventory Counters contirm the vallaity of Inventory extstence, amounts, and quaity. Second counts by a dimerent counter A manager confirms tmat a Inventornes are ticketed only once. Since an error In the period-end inventory causes an offsetting error in the next period: Multipie Cholce It is sald to be seif-correcting. Managers can ignore the error s Immaterial for managertal decision making r aftects only palance snee: accounts. r affects ony Income statement accounts. reported at Generally accepted accounting principles require that the Inventory of a company be reported at Multiple Cholce Historical cost Market value Lower of cos: or market Replacement cost Retall value The understatement of the beginning inventory balance causes: Multiple Cholce Cost of gooas sold to be overstated and net income to be overstated. Cost of goods soid to be understated and net income to be overstated. Cost of goods sold to be overstated and net ncome to pe correct. goec 508 159354 cost of goods so c to be understatec and net income to be uncerstatec cost of goods sois to De oversares and nertincome to be uncerstared. If a period-end Inventory amount is reported In error, It can cause a misstatement in all of the following except Multiple Cholce Gross profit Net Income Cost of goods soid. Current assets Net saleS