For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. For fill-in-the-blank questions, press or click on the blank space provided. Show If you have difficulty answering the following questions, learn more about this topic by reading our Inventory and Cost of Goods Sold (Explanation). Under which inventory cost flow assumption is the cost of the most recent purchase matched first with sales revenues? Under which inventory cost flow assumption is the cost of the most recent purchases likely to remain in inventory? Under which inventory cost flow assumption is the oldest cost of inventory items likely to remain on the balance sheet? The account Inventory will appear on the balance sheet as a current asset at an amount that often reflects the __________ of the merchandise on hand. The inventory system that does NOT update the Inventory account automatically at the time of each purchase or sales is the _______________ method/system. If a company is experiencing continuous cost increases for the merchandise that it purchases, which cost flow assumption will result in the least amount of profit and the least amount of income tax expense? A company in the computer industry is experiencing continuously lower costs. Which cost flow assumption will result in less income tax expense for this company? A company purchased items for inventory during 2021 at continuously higher costs. Its last two purchases of 2021 were 20 units on December 20 at a cost of $14 per unit and 30 units on December 30 at a cost of $15 per unit. On December 28, 2021 the company made its last sale for the year when it sold 10 units. Which inventory cost flow assumption will cause the $15 cost per unit to be expensed as part of the year 2021's cost of goods sold? A company purchased merchandise to be resold at increasing costs during the year 2021. The purchases were made at the following costs...  The company sold 10 items at the end of each month. units $ __________ $1,770. This amount will be divided up between the cost of goods sold and the ending inventory. It can serve as a check figure. cost of goods available for saleAssuming the LIFO periodic cost flow assumption, what will be the company's cost of goods sold for the 120 items sold in 2021? Assuming the FIFO periodic cost flow assumption, what will be the company's cost of goods sold for the 120 items sold in 2021? Assuming the periodic weighted-average cost flow assumption, what is the company's cost of goods sold for the 120 items sold in 2021? Assuming the LIFO perpetual cost flow assumption, what will be the company's cost of goods sold if 10 units were sold on the last day of each month during the year 2021? Assuming the perpetual moving-average cost flow assumption, what is the company's cost of goods sold for the 120 items sold in 2021? A company's inventory was destroyed in a fire on January 28, 2022. The company's December 31, 2021 inventory had a cost of $40,000. The company's gross profit has consistently been 30% of sales. During January the company purchased merchandise costing $36,000 and sales of $50,000 at regular selling prices. What is the estimated cost of the inventory that was destroyed on January 28, 2022? A retailer has the following information:
A company has properly recorded all of its purchases of merchandise inventory, but made an error when counting its ending inventory. As a result of the error the company's Inventory account is overstated by $24,000. (This means that the amount in the Inventory account is too high by $24,000.) What is the impact of this error on the company's income statement? Specifically, the company's reported profit (ignoring income tax expense) in the period of the error will be __________. A retailer's inventory cost should include freight-in on the merchandise purchased with terms FOB shipping point? __________ Ending Inventory .Want more practice questions? Which of the following is not included in the cost of inventory?Storage cost is not included in the cost of inventory.
Which of the following is not included in inventory?Change in sales during the year is not a part of the inventory.
Which of the following should be included in the cost of inventory?The cost of inventory includes the cost of purchased merchandise, less discounts that are taken, plus any duties and transportation costs paid by the purchaser.
What should not be included in inventory?Inventory does not include supplies, which are considered to be charged to expense in the period purchased. Also, customer-owned inventory should not be recorded as inventory owned by the company. Further, supplier-owned inventory located on the premises should also not be recorded as inventory.
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Which of the following should not be included in determining the cost of inventory?
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