When using the periodic lifo inventory cost method, which of the following statements is correct? a. the cost of merchandise on hand is made up of the most recent purchases. b. the physical count determines the inventory on hand. c. the cost of merchandise sold is made up of the earlier purchases. d. none of these choices are correct.

correct option is b. The physical count determines the inventory on hand

Explanation:

LIFO is  Last In, First Out

so in LIFO cost flow is assumption

and the last costs are the first ones to leave inventory

become the cost of goods sold on the income statement.

and first costs will be reported as inventory on the balance sheet

and under LIFO periodic we are wait until the entire year is over before assigning cost

so we can say The physical count determines the inventory on hand

and Cost is the total resources given up to acquire inventory and move it

answer; rapid growth in buyer demand and high buyer switching cost;

two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.