The cost of unsold inventory at the end of the year is classified as a(n)in theA. assets; balance sheetB. expense; income statementC. liability; balance sheetD. revenue; income statement

The correct answer is:A. assets; balance sheet Explanation:Unsold inventory represents goods that…

Answered: The cost of unsold inventory at the end…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 16E: Based on the data in Exercise 6-15 part (a) and assuming that cost was determined by the FIFO...

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Similar questions

The amount found in the Income Statement debit column on the worksheet for Income Summary is the: A.ending inventory. B.beginning inventory. C.total amount of expenses. D.total amount of revenues.
For each of the following, indicate whether it would be reported on the balance sheet (B/S),reported on the income statement (I/S), or not shown in the company’s financial statements (Not)._____ a. Sales Revenue_____ b. Inventory (held on consignment)_____ c. Cost of Goods Sold_____ d. Inventory (out on consignment)
The sum of ending inventory and cost of goods sold isa. net purchases.b. beginning inventory.c. cost of goods available (or cost of goods available for sale).d. gross profit.
Merchandise inventory is classified on the balance sheet as a a. current liability b. current asset c. long-term asset d. long-term liability
The amount of any write down of inventory to net realizable value and all losses of inventory shall be a. recognized as operating expenseb. recognized as other expensec. Recognized as component of cost of goods soldd. deferred until the related inventory is sold
The base for inventory in a vertical analysis is:a. total current assets.b. inventory.c. total liabilities.d. total assets.
Please assis
Inventory is classified as : Select one: a. a current asset on the balance sheet b. either an investment or a current asset on the balance sheet c. a current liability on the balance sheet d. a fixed asset on the balance sheet
Cost of goods available for sale is calculated by adding: A beginning inventory to net purchases and deducting ending inventory. B beginning inventory to the net purchases. © purchases to ending inventory. net purchases and freight-in.
Which inventory system maintains a running record of inventory on hand, purchased,and sold?a. Accruedb. Periodicc. Consignedd. Perpetual
Which of the following inventory method measures most closely the current cost of inventory? a. FIFO b. LIFO c. Weighted average d. Specific identification
The inventory costing method selected by a company canaffecta. The balance sheet.b. The income statement.c. The statement of retained earnings.d. All of the above.

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The cost of unsold inventory at the end of the year is classified as a(n) in the A. assets; balance sheet B. expense; income statement C. liability; balance sheet D. revenue; income statement