These problems have been giving me the most problems during my studying time. For some questions I have answered them but I don't feel so confident about them. I would greatly appreciate the help. All are multiple choice and I need help finding the best answer for them.

1. A company should always keep extra inventory on hand; it could be needed if demand increases and it ht sooner or later so it adds nothing to cost. has to True (False 2. Inappropriate inventory levels reduce a company's net income, either by increasing cost or reducing True False enue. 3. Most changes in sales revenue have no effect on cost of goods sold. True False 4. In positi True Fal accounting period, a manager can select the inventory costing method that yields the most income. 5. The lower the inventory turnover ratio, the more efficiently the company manages its inventory, all other ngs equal True) False 6. Which of the following statements regarding inventory classifications is (are) true A. Inventory may include materials used in producing goods for sale. B. Companies that are both manufacturers and merchandisers must list their finished goods inventory and merchandise inventory separately. C. Both A) and B) above are true. D. Neither A) nor B) above is true. 7. Which of the following statements regarding inventory management is (are) true? A. The LIFO method assumes that the costs for the newest goods (the last ones in) are used first and the older costs are left in ending inventory B. During a period of rising prices, LIFO results in a lower income tax expense than does FFO. C. Both A) and B) above are true. D. Neither A) nor B) above is true. 8. Which of the following statements regarding the lower of cost or market rule is (are) true? A. The lower of cost or market rule sometimes causes the book value of inventory to be lowered below cost ill never cause the book value of inventory to be raised above cost. B. The failure to estimate the market value of inventory appropriately when applying the lower of cost or rket rule is one of the more common types of financial statement misstatements. C. Both A) and B) above are true D. Neither A) nor B) above is true