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Author Question: The purchase of inventory is recorded as an expense called cost of goods sold. Indicate whether ... (Read 44 times)

tingc95

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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

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Reply #1 on: Jul 5, 2018
Answer to Question 1

FALSE

Answer to Question 2

d


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