Question 1

Transportation-in is

Accepted Answer

A)  part of cost of goods purchased. 
B)  an operating expense. 
C)  added to transportation-out as part of the calculation of cost of goods sold. 
D)  part of purchases. 
A)  part of cost of goods purchased. 
B)  an operating expense. 
C)  added to transportation-out as part of the calculation of cost of goods sold. 
D)  part of purchases.

Question 2

Which method assigns the cost of the most recent items purchased to cost of goods sold?

Accepted Answer

A)  LIFO 
B)  Specific identification 
C)  Weighted average cost 
D)  FIFO 
A)  LIFO 
B)  Specific identification 
C)  Weighted average cost 
D)  FIFO

Question 3

A _________________________ is an amount deducted by customers for payment within the discount period.

Accepted Answer

The answer of A _________________________ is an amount deducted by...

Question 4

Cost of goods sold represents an outflow of an asset, inventory, from the sale of products.

Accepted Answer

A) True 
 B)False

Question 5

The inventory method that assigns the most recent costs to ending inventory is LIFO.

Accepted Answer

A) True 
 B)False

Transportation-in is

Which method assigns the cost of the most recent items purchased to cost of goods sold?

A _________________________ is an amount deducted by customers for payment within the discount period.

Cost of goods sold represents an outflow of an asset, inventory, from the sale of products.

The inventory method that assigns the most recent costs to ending inventory is LIFO.

Accounting As a Form of Communication

Financial Statements and the Annual Report

Processing Accounting Information

Income Measurement and Accrual Accounting

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant and Equipment, and Intangibles

Current Liabilities, Contingencies, and the True Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Exploring Accounting Standards and Differences around the World

Filters

Exam 5: Inventories and Cost of Goods Sold

Transportation-in is

Which method assigns the cost of the most recent items purchased to cost of goods sold?

A _________________________ is an amount deducted by customers for payment within the discount period.

Cost of goods sold represents an outflow of an asset, inventory, from the sale of products.

The inventory method that assigns the most recent costs to ending inventory is LIFO.

Accounting As a Form of Communication

Financial Statements and the Annual Report

Processing Accounting Information

Income Measurement and Accrual Accounting

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant and Equipment, and Intangibles

Current Liabilities, Contingencies, and the True Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Exploring Accounting Standards and Differences around the World

Filters