Choose and explain: a. P4,270,000 b. 4,170,000 Why defective materials returned to suppliers for replacement is not part of the computation for the cost of inventory?

Q: TRUE OR FALSE STATEMENT 1: If the ending inventory of finished goods is understated, net  income…

A: Ending inventory is the value of goods lying in the stock on the date of closing the books.

Q: portion of the raw materials inventory was misclassified as finis f the following management…

A: In the auditing process, assertions are claims that determine that financial statements are genuine…

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A: Cost of inventory consist of: Direct material  Direct labor Overhead cost   Overhead cost includes:…

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A: Unrealized profits in the literal sense means those profits that are not realized yet. Unrealized…

Q: Which one of the following is not a disadvantage of the specific identification method of inventory…

A: Under specific identification methods of inventory, specific inventory movement is measured. So it…

Q: None

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Q: when goods are sold their costs are transferred to finished goods inventory. True or False?

A: The inventory accounts are classified as Work in process, finished goods inventory, raw materials.…

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A: Error in inventory recording can be cancelled or we can say nullified within two consecutive…

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A: Total cost refers to the sum of all the costs incurred by a firm in the production of goods or…

Q: TRUE OR FALSE Generally accepted accounting principles (GAAP) requires that absorption costing be…

A: Under absorption costing, the fixed costs are included on the basis of number of units sold. Under…

Q: If a company incurred a significant repairs and maintenance expense for a plant equipment ( used in…

A: Repairs and Maintenance Expense: The cost that is paid to guarantee that an asset continues to…

Q: Solve this problem with question

A:

Q: What affect would closing an OVERAPPLIED Manufacturing Overhead account to Cost of Goods Sold have…

A: Manufactuirng overheads are indirect manufacturing cost that is included in unit product cost and…

Q: Ward Hardware does not expect costs to change dramatically and wants to use an inventory costing…

A: Perpetual Inventory System is an accounting system of valuing the inventory where there is a need…

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A: Cost of good sold measures the direct cost which is incurred of production of any goods and services…

Q: 8.6 Presentation and Decision Analysis Why must companies report inventory composition? O so that…

A: In the business world, inventory is the term used to describe the goods, raw materials,…

Q: etc. The return of such goods to the suppliers is recorded in the

A: Option a is wrong because one among the options is correct. Option b is wrong because returns inward…