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- Paid $1,000 for freight in. - Paid the invoice within the discount period. As a result of these events, the company's merchandise inventory (Points : 3) increased by 89,580. increased by $89,690. increased by $89,600. increased by $91,500. = (95000-4500)*0.98+ 1000 Question 8.8. (TCO B) In periods of rising prices, which of the following inventory methods results in the highest gross profit figure? (Points : 3) FIFO LIFO Average cost method Cannot be determined based on the information given Question 9.9. (TCO A) On a classified balance sheet, prepaid expenses are classified as (Points : 3) current liabilities. long-term liabilities. current assets. Prepaid expenses do not belong on the Balance Sheet. Question 10.10. (TCO E) Which of the following is an internal control procedure? (Points : 3) Control environment Comparisons and compliance monitoring Promote operational efficiency