Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect. To identify: The impact on financial statement if period cost assigned as product cost.

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Answer 1

Question

Chapter 1, Problem 4.3GAP

To determine

Concept introduction:

Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect.

To identify:

The impact on financial statement if period cost assigned as product cost.

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Answer 2

Question

Chapter 1, Problem 4.3GAP

To determine

Concept introduction:

Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect.

To identify:

The impact on financial statement if period cost assigned as product cost.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 1, Problem 4.3GAP

To determine

Concept introduction:

Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect.

To identify:

The impact on financial statement if period cost assigned as product cost.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 1, Problem 4.3GAP

To determine

Concept introduction:

Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect.

To identify:

The impact on financial statement if period cost assigned as product cost.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 1, Problem 4.3GAP

To determine

Concept introduction:

Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect.

To identify:

The impact on financial statement if period cost assigned as product cost.

Answer 6

Chapter 1, Problem 4.3GAP

To determine

Concept introduction:

Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect.

To identify:

The impact on financial statement if period cost assigned as product cost.

Answer 7

Chapter 1, Problem 4.3GAP

To determine

Concept introduction:

Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect.

To identify:

The impact on financial statement if period cost assigned as product cost.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

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Answer 11

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Solution Summary: The author explains that period cost cannot be assigned to the products or the cost of inventory, so the assignment as product cost is totally incorrect.

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