Which of the following should not be taken into account when determining the cost of inventory? A. Storage cost of part finished goods B. Trade discount C. Import duty on shipping of inventory inward D. Freight cost on purchase

Q: In the financial accounting for inventory, what is a cost flow assumption?

A: Accounting for inventories is a subset of accounting that deals with the value of inventoried assets…

Q: Which account balance is NOT used to compute the cost of goods sold? a.Merchandise Inventory…

A: Formula: Cost of goods sold = Beginning Merchandise inventory + Net Purchases - Ending Merchandise…

Q: the following is not considered in computing net cost of purchases? Purchases Purchase Returns and…

A: Solution: "Transportation paid on goods shipped to customers" is not considered in computing net…

Q: difference between inventory and profitability

A: The basic framework of a business is that it purchases goods and services adds value to it and sells…

Q: Which of the following should not be taken into account when determining the cost of inventory? a.…

A: Solution:- The following should not be taken into account when determining the cost of inventory as…

Q: Essay question Explain the application of AVERAGE cost flow assumption in determining .cost of goods…

A: Average cost flow assumption is a calculation companies use to assign costs to inventory goods, cost…

Q: The cost of purchase of inventory does not include: A. Freight handling and other cost directly…

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: In a cost-divided income statement, changes in purchased goods (merchandise) must be reported under…

A: Following is the answer to the given question

Q: The primary purpose for using an inventory cost flowassumption is to:a. Parallel the physical flow…

A: Inventory cost flow assumptions: These are the assumptions including FIFO, LIFO, and weighted…

Q: What's the difference between the cost to inventory and the cost of goods sold?

A: Cost of inventory refers to the cost of goods purchased. It is those costs which includes cost of…

Q: Which of the following decreases the cost of inventory purchased? CIRCLE ONE: a. Freight Out b.…

A: Under the perpetual inventory system, the inventory includes the cost of purchases, freight in…

Q: For purposes of computing the MCIT, which will not form part of cost of goods sold for traders:…

A: MCIT is minimum corporate income tax, which is being payable by the domestic companies. The rate…

Q: Beginning inventory (Jan. 1) Purchase (Jan. 11) Purchase (Jan. 20) Total Quantity Unit Cost Total…

A: Introduction: LIFO: LIFO stands for Last in First Out. Which means last received inventory to be…

Q: How do calculate the Cost of Goods Sold without the beginning inventory nor the ending inventory??

A: Cost of goods sold is the total costs incurred on those units of goods or products which are sold by…

Q: Gross profit is calculated as the difference between net sales revenue and​ ________.         A.…

A: Revenue- Revenue refers to the quantity of cash that a corporation actually received during the…

Q: You are provided with the following information for Concord Inc. for the month ended June 30, 2020.…

A: SOLUTION-                                   COST OF GOODS AVAILABLE FOR SALE      DATE…

Q: Inventory cost is least likely to include:A. production-related storage costs.B. costs incurred as a…

A: Transportation costs incurred to ship inventory to customers are an expense and may not be…

Q: Which inventory cost flow assumption does IFRS not allow? a. Specific identification. b. FIFO. c.…

A: Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Explain the difference between the flow of cost and the flow of goods as it relates to inventory.

A: Flow of cost means allocation of various cost to  inventory  It refers to a process of allocating…

Q: Which of the following should be included in inventory on the balance sheet? Goods out on approval…

A: Goods purchased that are in transit F.O.B destination and raw materials will be recorded and…

Q: When determining gross profit, only the following items must be taken into consideration:    A.…

A: Gross Profit is the revenue earned by the company after subtracting the cost associated with earning…

Q: The following information is taken from a company's records. Cost Market value per Unit per Unit…

A: As per IAS 2 inventory is to be measured at cost or Net realizable value whichever is lower. Here…

Q: What will be the correct answer for weight average cost method for ending inventory and cost of…

A: Weighted average Cost per unit=11-6×$70+14×$10511-6+14=$182019=$95.79

Q: In determining inventory's lower of cost or net realizable value, NRV is defined as: Selling Cost…

A: An inventory valuation allows a business to assign a monetary value to the inventory. Inventories…

Q: What costs should be included in the measurement of cost merchandise inventory?

A: All the products that a distributor, wholesaler, or retailer buys from producers with the intention…

Q: Which of the following costs will not affect cost of goods sold? Multiple Choice Inventory…

A: Direct expenses typically refer to costs that can be specifically and easily attributed to a…