What is a consigned inventory? Goods that are shipped and title transfer to the consignee. Goods that are sold but payments is not required until the goods are sold. Goods that are shipped but title remains with the consignor. Goods that have been segregated for shipment to a customer.

Which of the following is a difference between the periodic inventory system and the perpetual inventory system? a. The Merchandise Inventory account is used under the perpetual inventory system but not under the periodic inventory system. Ob. The Purchases account is used under the periodic inventory system but not under the perpetual inventory system. c. The Merchandise Inventory account is used under the periodic inventory system but not under the perpetual inventory system. Od. The Purchases account is used under the perpetual inventory system but not under the periodic inventory system.

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Deciding whether to record a sale when the order for services is received or when the services are performed is an example of a :-  a. classification issue. b. valuation issue. c. recognition issue. d. communication issue. e. none of the above

Which of the following costs will not affect cost of goods sold? Multiple Choice Inventory inspection costs. Inventory preparation costs. Inventory-related selling costs. O Freight charges incurred to bring inventory to the warehouse.