True (t) or False (f) ______ In all cases when FIFO is used, the cost of goods sold would be the same whether a perpetual or periodic system is used.

Q: Which one of the following is not considered an assumption of cost-volume-profit analysis? a. Sales…

A: Cost volume profit analysis enables the management in determining the relation of costs and revenues…

Q: Cost of goods sold is an operating expense. A.True B.False

A: Introduction:- Income statement shows company's income and expenses over a  period of time. Formula…

Q: Total _____ costs remain unchanged when activity changes.     Fixed cost     Variable cost…

A: Cost: It refers to the aggregated amount that is spent on manufacturing a product.

Q: Which one of the following is not considered an assumption of cost-volun O a. Fixed cost per unit is…

A: Option E is the correct answer i.e Cost can be Divided into variable and fixed components.

Q: Which one of the following is not considered an assumption of cost-volume-profit analysis? a.…

A:

Q: pay is based on sales revenue, while Commission; piece-rate Piece-rate, commission Exempt, nonexempt…

A: Sales revenue is the amount of revenue received from sale of goods and services in the business.…

Q: Product costs are ordinarily found in the traditional Income Statement's Operating Expenses whereas…

A: Product costs are those costs which are incurred on specific products like material cost, labour…

Q: Vhlch öf the föllówing statements Is true? Multiple Choice Product costs and varlable costs are…

A: Fixed cost can also be product cost like fixed manufacturing overhead. Product cost is the main…

Q: How do I solve for the Cost Of Goods Sold?

A: Cost of goods sold is actual cost of goods that are being sold by the seller to the customers. This…

Q: Cost of goods sold and cost of goods manufactured are the same    True False Can be true, can be…

A: SOLUTION- THE COST OF GOODS MANUFACTURED IS COMPOSED OF MATERIAL AND PRODUCTION COSTS , PROCESS…

Q: Which of the following is the disadvantage of using FIFO method. a. The assumed flow of costs…

A: Lets understand the FIFO method and their advantages and disadvantages. As the name suggest, First…

Q: Why do you think a company would ever choose to use perpetual LIFO as its costing method? It is…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Which of the following is the correct calculation of selling price? O a. Cost + Mark-up O b.…

A: Selling price is price at which goods and services are sold to customer. This selling price includes…

Q: What are the main differences between a perpetual system  and a periodic system? In your…

A: In accounting, there may be different methods to record a financial transaction. The selling and…

Q: em. b. the amount of money paid for an item,

A: Opportunity costs are the potential gains that an individual, investor, or corporation foregoes by…

Q: 1. Gross profit margin is impacted by sales and cost of goods sold changes." O A) True O B) False

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…

Q: s it always higher in cost of goods sold in Weighted average compared to FIFO?

A: Inventory and cost of goods sold can be value on the basis of FIFO or LIFO basis. In LIFO , cost of…

Q: The equation for Gross Profit is "Gross Profit = Revenues - Cost of Goods." Which of the following…

A: Gross income is direct income of a business generated from direct revenues of the company. It is an…

Q: What is the difference between the methods of calculating cost of goods, periodic vs perpetual?

A: Inventory: Inventory refers to the goods purchased or material purchased and manufactured which is…

Q: S1 - Net income remains the same when revenue is treated as other income, additional revenue,…

A: Solution :   Concept Net income is calculated after deducting all the expenses incurred from all the…

Q: estion will save this respo I using: cost of good available for cost of goods sold, sales

A: The right answer is option d Gross sales, Sales return &allowances, sales discount

Q: Companies that use OSD can deduct the cost of goods sold or the cost of services provided. Is it…

A: Business activities in every country are governed by certain Business laws that have direct…

Q: Payable turnover is a measure of cost ot goods sold and accounts payable. Select one: O True False

A: Payable turnover ratio is calculated as follows -  cost of goods sold / average accounts payable

Q: according to pas 2, net realizable value and fair value less cost to sell are the same

A: Net realizable value is used to measure the value of assets by estimating the amount the seller…

Q: How can you describe the term Historical Cost? a. It is the amount paid to purchase an item plus any…

A: Historical value is the value of asset at it original cost when acquired by the company. Most of the…

Q: Consider the following: Code: A = Gross profit to net sales ratio   B = Gross profit to cost of…

A:

Q: Which of the following costs would be considered inventoriable? Freight-In Warehousing Costs = No =…

A:

Q: Which of the following would not be considered a component of the "cost" of Goods Sold? a.…

A: Introduction: Cost of goods sold: It is a income statement item. All direct costs which are directly…

Q: Which two economic concepts are fundamental to the relevance of fair values to accounting? i. The…

A: The two economic concepts are fundamental to the relevance of fair values to accounting are…

Q: Under variable costing, all fixed costs (including fixed product costs) are expense in the period…

A: The matching principle is the fundamental concept of accounting. It suggests that the expenses…

Q: For a certain product, the revenue is given by R = 60x and the cost is given by C(x) = 40x + 1100.…

A: Revenue is the amount earned by sales of the business during the accounting period. In…

Q: Multiple Choice) A multi-step income statement ________. A. separates cost of goods sold from…

A: In multi step income statement the operating results are separately shown.It doesn't consider…

Q: For each situation, list the assumption, principle, or constraint that has been violated, if any.…

A: Situation a violates the revenue recognition principle.

Q: Gross profit is the gross sales price charged for the goods sold A.True B.False

A: Gross profit means the profit earned by selling the goods without considering the indirect expenses…

Q: gross profit

A: We  can find cost of Good sold  by preparing Trading Account Also we can find Gross profit of the…

Q: Please check if my statement of the cost of goods manufactured and sold in good form is correct.…

A: Cost of goods manufactured shows total costs incurred on manufacturing and production of goods. It…

Q: Which of the following costs increases as the distance of a shipment increases? O a. Fixed O b.…

A: The shipment cost is included in selling expenses.

Q: TRUE or FALSE The cost should match with the revenue generated. It only means that with every income…

A: Introduction: Accounting: Accounting is an art of recording, classifying , summarizing and…

Q: Compute the gross margin for FIFO method and LIF0 method. FIFO: LIFO: Sales revenue Less: Cost of…

A: Sales revenue has to be calculated by multiplying units sold (785 units) to the retail rate…

Q: Which one of the following is not considered an assumption of cost-volume-profit analysis? a. Costs…

A: Option b is correct.