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- Which of these statements is false? A. If cost of goods sold is incorrect, ending inventory is usually incorrect too. B. C. D.Identify items missing in determining cost of goods sold For (a) through (e), identify the items designated by X and Y. A. Purchases (X + Y) = Net purchases B. Net purchases + X = Cost of inventory purchased C. Inventory (beginning) + Cost of inventory purchased = X D. Inventory available for sale X = Cost of inventory before estimated returns E. Cost of goods sold before estimated returns X = Cost of goods soldGoods in transit to us FOB destination would not be included in our ending inventory. Select one: O True O False
- Ending inventory is added to Total Goods Available for Sale when computing for Cost of Goods Sold. True FalseI need number 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. True or False True False
- True or false If transportation costs are the responsibility of the buyer, they should be added to the cost of inventory purchases for the period.Which of the following is not affected by an error related to ending inventory? Multiple Choice O O O O O Sales. Net income. Current assets. Gross profit. Cost of goods sold.Finf the Cost of goods sold and Ending inventory under FIFO
- 1 ) Cost of goods sold 2 ) Ending inventory Follow FIFO1. Which of the following accounts is not included in inventory? a. Raw material b. Team c. Finished goods d. Materials 2. Why is inventory included in the net income determination? a. To determine the cost of goods sold b. To determine sales income c. To determine the return of merchandise d. Inventory is not included in the determination of net income 3. Which of the following is a feature of the perpetual inventory system? a. Inventory purchases are debited to the Purchasing account. b. Inventory records are not kept for every item. c. The cost of what is sold is recorded in each sale. d. The cost of goods sold is determined as the quantity of purchases minus the change in inventory.Confused on how to Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.and how to Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
