1) Manufactured inventory that has begun the production process but is not yet completed is a....

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1) Manufactured inventory that has begun the production process but is not yet completed is a. work in process. b. raw materials c. merchandise inventory d. finished goods 2) The factor which determines whether or not goods should be included in a physical count of inventory is a. physical possession b. legal title c. management's judgment d. whether or not the purchase price has been paid 3) If goods in transit are shipped FOB destination a. the seller has legal title to the goods until they are delivered b. the buyer has legal title to the goods until they are delivered c. the transportation company has legal title to the goods while the goods are in transit d. no one has legal title to the goods until they are delivered 4) Which of the following should not be included in the physical inventory of a company? a. Goods held on consignment from another company b. Goods shipped on consignment to another company c. Goods in transit from another company shipped FOB shipping point d. All of these answer choices should be included 5) Which statement is false? a. Taking a physical inventory involves actually counting, weighing, or measuring each kind of inventory on hand. b. No matter whether a periodic or perpetual inventory system is used, all companies need to determine inventory quantities at the end of each accounting period. c. An inventory count is generally more accurate when goods are not being sold or received during the counting. d. Companies that use a perpetual inventory system must take a physical inventory to determine inventory on hand on the balance sheet date and to determine cost of goods sold for the accounting period. 1) Manufactured inventory that has begun the production process but is not yet completed is a. work in process. b. raw materials c. merchandise inventory d. finished goods 2) The factor which determines whether or not goods should be included in a physical count of inventory is a. physical possession b. legal title c. management's judgment d. whether or not the purchase price has been paid 3) If goods in transit are shipped FOB destination a. the seller has legal title to the goods until they are delivered b. the buyer has legal title to the goods until they are delivered c. the transportation company has legal title to the goods while the goods are in transit d. no one has legal title to the goods until they are delivered 4) Which of the following should not be included in the physical inventory of a company? a. Goods held on consignment from another company b. Goods shipped on consignment to another company c. Goods in transit from another company shipped FOB shipping point d. All of these answer choices should be included 5) Which statement is false? a. Taking a physical inventory involves actually counting, weighing, or measuring each kind of inventory on hand. b. No matter whether a periodic or perpetual inventory system is used, all companies need to determine inventory quantities at the end of each accounting period. c. An inventory count is generally more accurate when goods are not being sold or received during the counting. d. Companies that use a perpetual inventory system must take a physical inventory to determine inventory on hand on the balance sheet date and to determine cost of goods sold for the accounting period.

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