1.                 is not considered as an Inventory A) Assets intended to be sold in the normal course of business B) Equipment used in the manufacturing are sold C)Assets currently in production for normal sales D)Materials used in the production of goods to be sold 2.The retail firm will prefer to                        use as an inventory account titled. A)Inventory B)Raw Materials Inventory C)Merchandise (Finished Goods) Inventory D)Goods in Process Inventory Explain with correct option

Q: Which of the following items would be included in the inventory account of a manufacturing concern?…

A: The inventory is the cost of goods that are available to be sold during the period.

Q: Sales revenue is generated by the sale of inventory. Companies can choose between the perpetual and…

A: Introduction: All product and service sales are included in sales revenue, although they are not…

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: Peosta Company identifies the following items for possible inclusion in the taking of a physical…

A: Ans  a)Goods are shipped by Peosta to another company Excluded from inventory taking since such…

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: Describe how the inventory accounts of a manufacturing company differ from the inventoryaccount of a…

A: The manufacturing company maintains three inventory accounts; these are raw material inventory…

Q: Which inventory cost flow method is most similar to theflow of products involving ( a ) a gumball…

A: A gumball machine: The first in first out (FIFO) method cost flow assumption is most similar to the…

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 costs do not come under inventory carrying cost calculation? Investment in a…

A: The ideal order quantity for a corporation to purchase in order to minimize inventory costs is known…

Q: A cost management system provides ________. A) measures of inventory value and cost of goods sold…

A: Management accounting refers to the provision of the financial as well as non- financial decision…

Q: Which of the following is not a name for a specific type ofinventory?a. Finished goods. c. Raw…

A:

Q: 1-Which of the following will be classified under inventory? a. Raw Materials b. All the above c.…

A: Gross profit margin = [(REVENUE - COGS) /REVENUE] *100

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: 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: Planning and regulating inventory use and their associated expenses is the focus of a substantial…

A: When a wholesaler or trader buys items from manufacturers or wholesalers and resells them, this is…

Q: T, F. Common inventory classification for a manufacturing company is: raw materials,…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: True or false If transportation costs are the responsibility of the buyer, they should be added to…

A: Correct answer-True

Q: Which one of the following groups of items best identifies various types of inventory opportunity…

A: Inventory Opportunity cost includes the costs to order and hold inventory, additionally on…

Q: Perpetual inventory valuation system does not require....   a. physical count or measurement of…

A: The question is multiple choice question Required  Choose the Correct Option.

Q: Production costs that are not attached to units that are sold are reported as: Group of answer…

A: Introduction:- Production costs that are not attached to units that are sold are reported as: Group…

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: 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: Which of the following statement is FALSE for Merchandise inventory of the Business? a. It is a…

A: Merchandise inventory is classified as a current asset on the balance sheet. Assets normally have a…

Q: a. Permits entities to avoid taking an annual physical d. Provides a method for inventory control…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Vork-in-process inventory would normally include: Select one: a. products in their original form…

A: This question deals with the understanding of which statement is correct from given statements. Lets…

Q: Work-in-process inventory would normally include: Select one: a. products in their original form…

A:

Q: 1. Inventory should be stated at (a) Lower of cost and fair value. (b) Lower of cost and net…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

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: In comparing the accounts of a merchandising company with those of a service company, what…

A: Perpetual inventory system:- It is the system in which sales and purchase of inventory is a…

Q: The cost of goods sold can be determined only after a physical count of inventory on hand under the…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: Complete the following statements with one of the terms listed below. A term may be used once, more…

A: Unfinished goods are the company’s partially finished goods which are yet to be completed. The…

Q: Complete the following statements with one of the terms listed below. A term may be used once, more…

A: Manufacturing companies indicate those corporations which engage in purchase the raw material and…

Q: The following are several items that Golosow Company's controller has questioned regarding their…

A: Inventory refers to the goods that are remaining unsold at the end of the accounting period. To…

Q: Which of the following items would not appear in the operating section of the multiple−stepincome…

A: In this question covered the concept of Multiple Income Statement .  Multiple Income Statement…

Q: Match each definition with the term that best describes it. An income measure that includes gains…

A: Income statement: The income statement determines the net income of the business by subtracting the…

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…