Answer the following statements true (T) or false (F)
1. The sum of ending inventory and cost of goods available for sale equals cost of goods sold.
2. Beginning inventory plus net purchases equals cost of goods sold.
3. The objective of inventory tracking is to allocate the cost of goods available for sale between the cost of units sold and the cost of unsold inventory.
4. One benefit of the LIFO inventory method is that it most closely matches the actual flow of goods in most cases.
5. When using the FIFO inventory method, the ending inventory has the newer costs.
1. FALSE
2. FALSE
3. TRUE
4. FALSE
5. TRUE
You might also like to view...
The operating cycle involves the purchase and sale of merchandise inventory as well as the subsequent collection of cash from credit sales
Indicate whether the statement is true or false
A pro forma financial statement is
a. a financial statement for past periods. b. a projected or budgeted financial statement. c. presented for the form but contains no dollar amounts. d. a statement of planned production.
A ____ language is used to describe how information is to be displayed. It typically combines the information, such as text and images, along with additional instructions for formatting.
A. markdown B. markup C. protocol D. method
________ is a way to inform users or systems of an event in real time in a format customized to their systems or device
A) Network technology B) Database technology C) Portal technology D) All of the above