56. Which is true concerning the direct extension method of showing inventories in the worksheet? * A. Beginning inventory is extended to the credit side of the Balance Sheet and debit side of the income statement B. Ending inventory is extended to the Balance Sheet debit and Income Statement credit C. Beginning inventory is extended to Income Statement debit while Ending inventory is extended to Balance Sheet debit and Income Statement credit. D. Ending inventory is extended to the Balance Sheet debit while Beginning inventory is extended to Balance Sheet credit and Income Statement debit.

56. Which is true concerning the direct extension method of showing inventories in the worksheet? * A. Beginning inventory is extended to the credit side of the Balance Sheet and debit side of the income statement B. Ending inventory is extended to the Balance Sheet debit and Income Statement credit C. Beginning inventory is extended to Income Statement debit while Ending inventory is extended to Balance Sheet debit and Income Statement credit. D. Ending inventory is extended to the Balance Sheet debit while Beginning inventory is extended to Balance Sheet credit and Income Statement debit.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.13E

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