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Problem 10-29 Multiple choice (AICPA Adapted) 1. Theoretically, cash discounts permitted should be a. Added to other income, whether taken or not b. Added to other income, only if taken c. Deducted from inventory, whether taken or not d. Deducted from inventory, only if taken 2. Which of the following generally would not be separately accounted for in the computation of cost of goods sold? a. Trade discounts applicable to purchases b. Cash discounts taken c. Purchase returns and allowances d. Cost of transportation for merchandise purchased 3. The use of purchase discount account implies that the recorded cost of a purchased inventory is a. Invoice price b. Invoice price plus any purchase discount lost c. Invoice price less the purchase discount taken d. Invoice price less the purchase discount allowable whether taken or not 4. The use of a discount lost account implies that cost of a purchased inventory is . a. Invoice price b. List price C. Invoice price less the purchase discount taken d. Invoice price less the purchase discount allowable whether or not taken 5. The valuation of inventory on a prime cost basis a. Would achieve the same results as direct costing . Would exclude all overhead from inventory cost "Is always achieved when standard costing is adopted . Is always achieved when the FIFO is adopted Cs Scanned with CamScanner 293Problem 10-28 Multiple choice (IFRS) 1. Which of the following should not be taken into account when determining the cost of inventory? a. Storage costs of part-finished goods b. Trade discounts c. Recoverable purchase taxes d. Import duties on shipping of inventory inward 2. The cost of inventory does not include a. Salaries of factory staff b. Storage cost necessary in the production process before a further production stage c. Abnormal amount of wasted materials d. Irrecoverable purchase taxes 3. Which of the following costs of conversion cannot be included in cost of inventory? a. Cost of direct labor b. Factory rent and utilities c. Salaries of sales staff d. Factory overhead based on normal capacity 4. . Which of the following should be taken into account when determining the cost of inventory? a. Storage cost of part-finished goods b. Abnormal freight in C. Recoverable purchase tax d. Interest on inventory loan . Costs incurred in bringing the inventory to the present location and condition include a. Cost of designing product for specific customers b. Abnormal amount of wasted material "Storage cost not necessary in the production process before a further production stage d. Distribution cost CS Scanned with CamScanner6. Inventories encompass all of the following, except a. Merchandise purchased by a retailer b. Land and other property not held for sale c. Finished goods produced d. Materials and supplies for use in production 7. A property developer must classify properties that it holds for sale in the ordinary course of business as a. Inventory b. Property, plant and equipment c." Financial asset d. Investment property 8. Factory supplies to be consumed in the production process are reported as a. Inventory b. Property, plant and equipment c. Investment property d. Prepaid expenses 9. Which of the following should not be reported as inventory? a. Land acquired for resale by a real estate firm b. Shares and bonds held for resale by a brokerage firm c. Partialy completed goods held by a manufacturing entity d. Machinery acquired by a manufacturing entity 10. When determining the cost of an inventory, which of the following should not be included? a. Interest on loan obtained to purchase the inventory b. Commission paid when inventory is purchased c. Labor cost of the inventory when manufactured d. Depreciation of plant equipment used in manufacturing CS Scanned with CamScanner