Which of the following is not a name for a specific type ofinventory?a. Finished goods. c. Raw materials.b. Merchandise inventory. d. Goods available for sale.

Q: Distinguish between FOB shipping point and FOB destination. Identify the freight terms that will…

A: The invoice is made by seller based on different terms including discount, and other terms as FOB…

Q: Do the terms FIFO, LIFO, and weighted average refer to techniques used in determining quantities of…

A:

Q: Distinguish between FOB shipping point and FOB destination. Identify the freight terms that will…

A: A shipment term which indicates the obligation of either buyer or seller with regard to the goods…

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: the following is not considered in computing net cost of purchases? Purchases Purchase Returns and…

A: Solution: "Transportation paid on goods shipped to customers" is not considered in computing net…

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: Storage costs

A: All costs incurred to produce a product is included under cost of that product. Storage costs of…

Q: Inventory excludes   a) © Raw materials b) Finished goods produced c) Construction works in…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: State the standard method of determining the cost of goods sold by a retailing or a wholesaling…

A: The cost of goods sold includes the total cost of goods sold include the cost of goods that are sold…

Q: Which of the following expenses would you regard as part of the cost of goods sold? Select one: O a.…

A: Freight in is included in the cost of material. And cost of material is included in cost of goods…

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 should not be taken into account when determining the cost of inventory? a.…

A: Solution:- The following should not be taken into account when determining the cost of inventory as…

Q: 1.                 is not considered as an Inventory A) Assets intended to be sold in the normal…

A: 1 : Equipment used in the manufacturing process whether directly or indirectly cannot be considered…

Q: Explain "the inventory process sits between the revenue and the purchasing processes. the subject…

A: Inventory management is defined as a process of ordering, managing, storing, and implementing the…

Q: Which function or department below records the decrease in inventory due to a sale? a. warehouse b.…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Explain which physical units of goods should be included in inventory.

A: Inventory:   It refers to an accounting term used to describe the goods in various stages in the…

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: he shipments from branch account is added to the branch's purchases account in determining branch's…

A: solution concept The shipments to branch account from head office forms the part of the cost of…

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: Consider each of the following independent situations. Should a company report the goods in its…

A: A consignee is an agent who sells the goods Received on consignment and has no economic control over…

Q: Which account does a merchandiser use that a service company does not use? a. Cost of Goods Sold b.…

A:

Q: a. What value should be assigned to the ending inventory using FIFO? b. What value should be…

A: FIFO method: Under this method of inventory valuation, it is assumed that item of inventory…

Q: Which accounting concept requires that any goods taken from inventory by the owner are treated as…

A: The business entity concept states that the company must separate transactions of the business from…

Q: What's the difference between the cost to inventory and the cost of goods sold?

A: Cost of inventory refers to the cost of goods purchased. It is those costs which includes cost of…

Q: What is the role of Finished-goods inventory?

A: Stock is the term used for the products that are ready for sale and raw materials used to create…

Q: Which account does a merchandiser use that a service company does not use? Cost of Goods Sold…

A:

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: Cost of Goods Sold is classified as which type of account? a. Asset b. Liability c. Revenue d.…

A: Accounts are classified as : Assets account Liabilities account Expenses account Revenue account…

Q: Briefly explain the similarity and difference between the merchandise inventory of a retailer and…

A: Inventory or stock are goods which can be in the form of raw materials, after processing the raw…

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: Explain the difference between the revenue statements of a merchandiser and those of a manufacturer…

A: 1. Income Statement - An a income statement is the financial statement that shows the organization's…

Q: purchase discounts and purchase returns and allowances included in the calculation of cost of goods…

A: Discounts are of three types trade discounts, cash discounts, and purchases discounts. A trade…

Q: Besides inventories, what other assets often appear on manufacturers’ balance sheets but not on…

A: Nature of assets of both the companies differs with each other as Manufacturing Companies deals with…

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: Cost of goods available for sale consist of two elements: beginning inventory and ending inventory…

A: Introduction: Beginning inventory: Inventory value at the beginning of the accounting period called…

Q: In what ways are the inventory accounts of a retailing companydifferent from those of a…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: How is cost of goods sold classified in the financial statements?a. As a revenueb. As an expensec.…

A: Cost of goods sold is the cost of goods that are being sold in that particular period. It is…

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…

Q: Distinguish between product costs and period costs asthey relate to inventory.

A: