I.-The Materials Inventory account will be debited for the materials used in production II.-The Material Inventory account will be credited for materials purchases. a. Both statements are true b. Both statements are false c. Only statement I is true d. Only statement II is true

I.-The Materials Inventory account will be debited for the materials used in production II.-The Material Inventory account will be credited for materials purchases. a. Both statements are true b. Both statements are false c. Only statement I is true d. Only statement II is true

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 9MC: Which of these statements is false? A. If cost of goods sold is incorrect, ending inventory is...

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

I.-The Materials Inventory account will be debited for the materials used in production II.-The Material Inventory account will be credited for materials purchases.

a. Both statements are true

b. Both statements are false

c. Only statement I is true

d. Only statement II is true

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