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Which of the following statements are true? 1. The costs attached to products that have not been sold are included in ending inventory on the balance sheet. 2. In absorption costing, nonmanufacturing costs are assigned to units of product. 3. Most countries require some form of absorption costing for external reports. Statements I and III are true. Only statement II is true. Only statement I is true. All of the statements are true.

Which of the following statements are true? 1. The costs attached to products that have not been sold are included in ending inventory on the balance sheet. 2. In absorption costing, nonmanufacturing costs are assigned to units of product. 3. Most countries require some form of absorption costing for external reports. Statements I and III are true. Only statement II is true. Only statement I is true. All of the statements are true.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 23?
QUESTION 23 Which of the following statements are true? 1. The costs attached to products that have not been sold are included in ending inventory on the balance sheet. 2. In absorption costing, nonmanufacturing costs are assigned to units of product. 3. Most countries require some form of absorption costing for external reports. Statements I and III are true. Only statement II is true. Only statement I is true. All of the statements are true.
Transcribed Image Text:QUESTION 23 Which of the following statements are true? 1. The costs attached to products that have not been sold are included in ending inventory on the balance sheet. 2. In absorption costing, nonmanufacturing costs are assigned to units of product. 3. Most countries require some form of absorption costing for external reports. Statements I and III are true. Only statement II is true. Only statement I is true. All of the statements are true.
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