Quiz 8.51 – Inventory Does Not Include
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Which is NOT included in inventory.
Which is NOT included in inventory.
What is the cost of goods available for sale?
Your numbers will vary.
True or false, the consignor’s inventory included COGS on consignment until sold.
This is considered in a perpetual average cost system. How it works.
When costs are rising and inventory quantities are stable, ending inventory will higher/lower under FIFO and LIFO:
This happens when LIFO is utilized in a long inflationary period.
One is NOT true about FIFO inventory method:
What would be Company A’s (uses FIFO) gross profit and inventory turnover ratio, compared to Company B’s (uses LIFO), be:
What would be Company C’s (uses LIFO) gross profit and inventory turnover ratio, compared to Company D’s (uses average costs), be:
True or false, the cost of merchandise sold to be expected to be returned is included in the ending inventory of a company.