Choose the statement(s) regarding inventory that are true:
i. For a merchandising company, the cost of goods available for sale minus the cost of goods sold will equal ending inventory.
ii. The LIFO inventory cost flow assumption is preferable to FIFO for a company wishing to maximize profits during a period of declining costs.
iii. A company which ships finished goods FOB destination will keep the inventory in its accounting records up until the point that the goods are delivered to a common carrier.
a. II and III only.
b. I and II only.
c. I and III only.
d. I, II, and III.