QUESTION 1 The current period's ending inventory is: - The next period's beginning inventory. O The current period's beginning inventory The current period's cost of goods sold. " e The current period's net purchases. O The prior period's beginning inventory QUESTION2 The adjusting entry to reflect inventory shrinkage is a debit to Income Summary and a credit to Inventory Shrinkage Expense. O True o False QUESTION 3 Quick assets are defined as o Cash. noncurrent receivables, and prepaid expenses o Cash. short-term investments, and current receivables. o Cash, inventory, and current receivables. o Accounts receivable, inventory, and prepaid expenses. b Cash, short-term investments, and inventory