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

What are expenses like sales salaries expense, advertising expense, etc. called that are incurred directly in the selling of merchandise inventory? Group of answer choices administrative expenses other expenses selling expenses cost of goods sold

The application of the lower of cost or market rule to inventory valuation is an example of a. the revenue realization principle b. the going concern assumption c. special industry practices d. conservatism

I'm having trouble finding the opening direct material inventory on the cost of goods sold (the very last one). Can you show me how to get answer?

What effect would an underestimated degree of completion of ending inventory have on a.) production cost per unit, b.) equivalent units, and c.) costs transferred out

Acceptable methods of assigning specific costs to inventory and cost of goods sold include all of the following except: Multiple Choice LIFO method. FIFO method. Specific identification method. Weighted average method. Retail method.

Calculate the value of ending inventory and cost of goods sold

1. Inventory should be stated at (a) Lower of cost and fair value. (b) Lower of cost and net realizable value. (c) Lower of cost and nominal value. (d) Lower of cost and net selling price. 2. Which of the following costs of conversion cannot be included in cost of inventory? (a) Cost of direct labor. (b) Factory rent and utilities. (c) Salaries of sales staff (sales department shares the building with factory supervisor). (d) Factory overheads based on normal capacity. 3. Inventories are assets (a) Used in the production or supply of goods and services for administrative purposes. (b) Held for sale in the ordinary course of business. (c) Held for long-term capital appreciation. (d) In the process of production for such sale. (e) In the form of materials or supplies to be consumed in the production process or the rendering of services. (f) Choices b and d. (g) Choices b, d, and e. 4. The cost of inventory should not include (a) Purchase price. (b) Import duties and other taxes. (c)…

Explain how the retail inventory method can be made to approximate the lower of cost or market rule.

What factors might impact on the management’s selection of an inventory cost flow assumption? In your answer you need to provide explanation on what factors could impact on a manager to choose FIFO, LIFO or the average cost method. In your answer you may want to refer to issues such as the impact of various cost flow assumptions on the income statement or the statement of financial position. List four factors in your answer