« previous next »

Author Question: The purchase of inventory is recorded as an expense called cost of goods sold. Indicate whether ... (Read 88 times)

tingc95

  • Hero Member
  • *****
  • Posts: 556
on: Jul 5, 2018
The purchase of inventory is recorded as an expense called cost of goods sold.
 
  Indicate whether the statement is true or false

Question 2

The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What isthe amount of inventory at the end of the year rounded to nearest dollar according to the average cost method?
 a. 655
  b. 620
  c. 690
  d. 659


Rilsmarie951

  • Sr. Member
  • ****
  • Posts: 316
Reply #1 on: Jul 5, 2018
Answer to Question 1

FALSE

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Did you know?

More than 20 million Americans cite use of marijuana within the past 30 days, according to the National Survey on Drug Use and Health (NSDUH). More than 8 million admit to using it almost every day.

Did you know?

In Eastern Europe and Russia, interferon is administered intranasally in varied doses for the common cold and influenza. It is claimed that this treatment can lower the risk of infection by as much as 60–70%.

Did you know?

The average human gut is home to perhaps 500 to 1,000 different species of bacteria.

Did you know?

Malaria was not eliminated in the United States until 1951. The term eliminated means that no new cases arise in a country for 3 years.

Persian leopard (Panthera pardus ciscaucasica), also called Caucasian leopard Persian leopard (Panthera pardus ciscaucasica), also called Caucasian leopard
Renal calculi (stones) can form in several areas within the urinary tract. When they form in the kid Renal calculi (stones) can form in several areas within the urinary tract. When they form in the kid
Inventory of the Universe Inventory of the Universe
Socrates (470–399 B.C.E.) was an Ancient Greek philosopher often called the "father of ... Socrates (470–399 B.C.E.) was an Ancient Greek philosopher often called the "father of ...
People whose behaviors violate norms are often called mentally ill. “Why else would they do such ... People whose behaviors violate norms are often called mentally ill. “Why else would they do such ...
The injector on-time is called the pulse width. The injector on-time is called the pulse width.
Video: Dissociative Disorders (Part 1)

For a complete list of videos, visit our video library