9. An inventory accounting policy that should be disclosed in a summary of significant accounting policies is a. Composition of inventory into raw materials, work in process and finished goods b. Major backlog of inventory orders c. Method used for pricing inventory d. All of these should be disclosed in the summary of significant accounting policies.

9. An inventory accounting policy that should be disclosed in a summary of significant accounting policies is a. Composition of inventory into raw materials, work in process and finished goods b. Major backlog of inventory orders c. Method used for pricing inventory d. All of these should be disclosed in the summary of significant accounting policies.

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Description: 9. An inventory accounting policy that should be disclosedin a summary of significant accounting policies isa. Composition of inventory into raw materials,work in process and finished goodsb. Major backlog of inventory ordersc. Method used for prici

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 23CE: Inventory Costing: LIFO Refer to the information for Filimonov Inc. and assume that the company uses...

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Similar questions

When inventory items are highly specialized, the best inventory costing method is ________. A. specific identification B. first-in, first-out C. last-in, first-out D. weighted average
Based on the data in Exercise 6-15 part (a) and assuming that cost was determined by the FIFO method, show how the inventory would appear on the balance sheet.
Why do companies adopt the LIFO method of inventory costing? Your discussion should include the effects on the income statement and balance sheet.
When would a company use the specific identification method of inventory cost allocation?
Describe costing inventory using weighted average. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.
Inventory Costing: LIFO Refer to the information for Filimonov Inc. and assume that the company uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.
Which of the following describes the economic order quantity (EOQ)? a. It is associated with a pull inventory system. b. It is the heart of a JIT purchasing system. c. It minimizes total ordering and carrying costs. d. It minimizes stock-out costs.
( Appendix 6B) For each inventory costing method, perpetual and periodic systems yield the same amounts for ending inventory and cost of goods sold. Do you agree or disagree with this statement? Explain.