Beginning inventory plus the cost of goods purchased equals?

A. cost of goods sold

B. cost of goods available for sale

C. net purchases

D. total goods purchased

True or False

Goods that have been purchased FOB destination but are in transit, should be excluded from a physical count of goods.

True or False

Inventory turnover is calculated as cost of goods sold divided by ending inventory.

True of False

Days in inventory are calculated as the inventory turnover ratio dividend 365

True or False

Finished goods are a classification of inventory for a manufacturer that are completed and ready for sale

True or False

If a company uses the FIFO cost assumption, the cost of goods sold for the period will be the same under a perpetual or periodic inventory system.

Answer rating: 100% (QA)

Part I Ans B Cost of Goods Available for sale True or False i ... View the full answer