Answered: Which of the following is not a name…

Which of the following is not a name for a specific type ofinventory?a. Finished goods. c. Raw materials.b. Merchandise inventory. d. Goods available for sale.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 4DQ: What are the components of cost of goods available for sale and cost of goods sold?

See similar textbooks

Related questions

Q: Distinguish between FOB shipping point and FOB destination. Identify the freight terms that will…

A: The invoice is made by seller based on different terms including discount, and other terms as FOB…

Q: Do the terms FIFO, LIFO, and weighted average refer to techniques used in determining quantities of…

Q: Distinguish between FOB shipping point and FOB destination. Identify the freight terms that will…

A: A shipment term which indicates the obligation of either buyer or seller with regard to the goods…

Q: Which of the following should be included in the physical inventory of a company? O A. Goods held on…

A: Solution: "Goods in transit from another company shipped FOB shipping point" should be included in…

Q: the following is not considered in computing net cost of purchases? Purchases Purchase Returns and…

A: Solution: "Transportation paid on goods shipped to customers" is not considered in computing net…

Q: Finished goods inventory shows the cost of completed goods available for sale to customers. O True…

A: Finished goods inventory are the part of the cost of goods available for sale and it is added back…

Q: Storage costs

A: All costs incurred to produce a product is included under cost of that product. Storage costs of…

Q: Inventory excludes a) © Raw materials b) Finished goods produced c) Construction works in…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: State the standard method of determining the cost of goods sold by a retailing or a wholesaling…

A: The cost of goods sold includes the total cost of goods sold include the cost of goods that are sold…

Q: Which of the following expenses would you regard as part of the cost of goods sold? Select one: O a.…

A: Freight in is included in the cost of material. And cost of material is included in cost of goods…

Q: Identify and explain the inventory asset and cost flows of a merchandising company.

A: Stock or stock is the goods and services a corporation keeps for the final resale intent. Inventory…

Q: Which of the following should not be taken into account when determining the cost of inventory? a.…

A: Solution:- The following should not be taken into account when determining the cost of inventory as…

Q: 1. is not considered as an Inventory A) Assets intended to be sold in the normal…

A: 1 : Equipment used in the manufacturing process whether directly or indirectly cannot be considered…

Q: Explain "the inventory process sits between the revenue and the purchasing processes. the subject…

A: Inventory management is defined as a process of ordering, managing, storing, and implementing the…

Q: Which function or department below records the decrease in inventory due to a sale? a. warehouse b.…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Explain which physical units of goods should be included in inventory.

A: Inventory: It refers to an accounting term used to describe the goods in various stages in the…

Q: Which of the following should be included in the physical inventory of a company? A) Both goods in…

A: When the goods in transit are shipped FOB shipping point, This means the seller was only responsible…

Q: he shipments from branch account is added to the branch's purchases account in determining branch's…

A: solution concept The shipments to branch account from head office forms the part of the cost of…

Q: QUESTION 1 A significant amount of accounting information is dedicated to planning and contraling…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Consider each of the following independent situations. Should a company report the goods in its…

A: A consignee is an agent who sells the goods Received on consignment and has no economic control over…

Q: Which account does a merchandiser use that a service company does not use? a. Cost of Goods Sold b.…

Q: a. What value should be assigned to the ending inventory using FIFO? b. What value should be…

A: FIFO method: Under this method of inventory valuation, it is assumed that item of inventory…

Q: Which accounting concept requires that any goods taken from inventory by the owner are treated as…

A: The business entity concept states that the company must separate transactions of the business from…

Q: What's the difference between the cost to inventory and the cost of goods sold?

A: Cost of inventory refers to the cost of goods purchased. It is those costs which includes cost of…

Q: What is the role of Finished-goods inventory?

A: Stock is the term used for the products that are ready for sale and raw materials used to create…

Q: Which account does a merchandiser use that a service company does not use? Cost of Goods Sold…

Q: A manufacturing company calculates cost of goods sold as follows A Beginning FG inventory+ cost of…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: wo accounts that appear on the financial statements of a merchandising company but are not needed by…

A: Cost of goods sold is the expense which are directly related to the goods. Purchase of inventory,…

Q: Cost of Goods Sold is classified as which type of account? a. Asset b. Liability c. Revenue d.…

A: Accounts are classified as : Assets account Liabilities account Expenses account Revenue account…

Q: Briefly explain the similarity and difference between the merchandise inventory of a retailer and…

A: Inventory or stock are goods which can be in the form of raw materials, after processing the raw…

Q: What are expenses like sales salaries expense, advertising expense, etc. called that are incurred…

A: Under the functional expense classification expenses are aggregated and reported by activities for…

Q: Explain the difference between the revenue statements of a merchandiser and those of a manufacturer…

A: 1. Income Statement - An a income statement is the financial statement that shows the organization's…

Q: purchase discounts and purchase returns and allowances included in the calculation of cost of goods…

A: Discounts are of three types trade discounts, cash discounts, and purchases discounts. A trade…

Q: Besides inventories, what other assets often appear on manufacturers’ balance sheets but not on…

A: Nature of assets of both the companies differs with each other as Manufacturing Companies deals with…

Q: Which of the following types of inventory does a manufacturer not include in its Balance Sheet? A.…

A: The balance sheet is the financial statement which represents financial position of the business.

Q: Cost of goods available for sale consist of two elements: beginning inventory and ending inventory…

A: Introduction: Beginning inventory: Inventory value at the beginning of the accounting period called…

Q: In what ways are the inventory accounts of a retailing companydifferent from those of a…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: How is cost of goods sold classified in the financial statements?a. As a revenueb. As an expensec.…

A: Cost of goods sold is the cost of goods that are being sold in that particular period. It is…

Q: Indicate whether the following financial statement items apply to a manufacturer, a merchandiser, or…

A: The manufacturing business involves the production of goods. The merchandise business includes the…

Q: Distinguish between product costs and period costs asthey relate to inventory.

Question

Which of the following is not a name for a specific type of
inventory?
a. Finished goods. c. Raw materials.
b. Merchandise inventory. d. Goods available for sale.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Why must support service costs be assigned to products for purposes of inventory valuation?
What are the components of cost of goods available for sale and cost of goods sold?
For a merchandiser, the term "inventory" refers to O A. raw materials that are used for production O B. equipment that is used in the production process OC. the cost of goods sold. O D. goods held for sale to customers
Which of the following types of inventory does a manufacturer not include in its Balance Sheet? A. Direct Materials B. Work-in-process C. Finished goods D. Merchandise inventory
Which of the following expenses would you regard as part of the cost of goods sold? Select one: a. Packing the goods b. Insurance of goods O c. Advertising the goods O d. Freight in
Indicate whether the following financial statement items apply to a manufacturer, a merchandiser, or aservice provider. Some items apply to more than one type of organization. Finished goods inventory
This cost includes the purchase price of goods and the related expenses incurred to prepare the goods for sale a. Cost of goods sold and operating expenses b. Cost of goods sold c. Cost of purchases d. Cost of goods sold available for sale
Which of the following accounts is NOT considered an Inventory account? Multiple Choice Indirect Supplies. Raw Materials. Work-in-Process. Finished Goods.
Cost of goods available for sale consist of two elements: beginning inventory and ending inventory (TRUE / FALSE)
Indicate whether the following financial statement items apply to a manufacturer, a merchandiser, or aservice provider. Some items apply to more than one type of organization. Cost of goods manufactured
The factor which determines whether or not goods should be included in a physical count of inventory is payment status. O physical possession. legal title. management's judgment.
What is the correct way to fill out the Cost of Goods Sold and Income Statement?