Please answer a minimum of two (2) from the list below (your choice): 1. Describe the three types of inventory of a manufacturing company. 2. What is the main difference between a Perpetual inventory system and a Periodic inventory system? Which system is used more often by major companies? How does this affect the calculation of LIFO or Average Costing (Perpetual versus Periodic)? Describe the entries in each for (A) purchase of inventory, (B) sale of inventory, (C) return of inventory to a supplier, and (D) the payment of freight charges on inventory purchases. What inventory-related accounts would be debited and credited for each event? 3. Explain your understanding of f.o.b. shipping point versus f.o.b. destination. How does this affect inventory valuation on both the seller's and buyer's financial statements? Who is responsible for damaged goods in transit? (ignore additional carrier insurance coverage) 4. Distinguish between the gross and net methods of accounting for purchase discounts. 5. What is a consignment arrangement? Explain the accounting treatment of goods held on consignment. 6. What is the Cost of Goods Sold formula? 7. What are the four inventory costing methods for assigning costs to ending inventory and cost of goods sold? Briefly explain the difference in the methods. 8. What is the LIFO conformity rule? What is a LIFO inventory pool? Identify two advantages of dollar-value LIFO compared with unit LIFO