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Chapter 7 Assignment 1 Intermediate Accounting Terms in this set (17) Which of the following would not be classified as inventory? Equipment that is not for resale. Which of the following costs would not flow into Work in Process Inventory? Cost of goo$7.99
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Chapter 7 Assignment 1 Intermediate Accounting Terms in this set (17) Which of the following would not be classified as inventory? Equipment that is not for resale. Which of the following costs would not flow into Work in Process Inventory? Cost of goo
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Course
GED - General Educational Development
Institution
GED - General Educational Development
Chapter 7 Assignment 1 Intermediate Accounting
Terms in this set (17)
Which of the following would not be classified as inventory? Equipment that is not for resale.
Which of the following costs would not flow into Work in Process Inventory? Cost of goods sold.
Which of the following does not ...
Chapter 7 Assignment 1 Intermediate Accounting
Jeremiah
Terms in this set (17)
Which of the following would not be Equipment that is not for resale.
classified as inventory?
Which of the following costs would not flow Cost of goods sold.
into Work in Process Inventory?
Which of the following does not apply to a Relies on a physical count to determine inventory amounts.
perpetual inventory system?
Which of the following does not apply to a Records the cost of goods sold with each sale of merchandise.
periodic inventory system?
When counting inventory, which of the Items held on consignment.
following should be excluded?
Purchase obligations are disclosed in the notes to the financial statements.
the cost of insurance.
The costs of purchased inventory (product any taxes or import duties.
costs) should include payments for freight-in.
all of these choices.
Under the gross price method, the journal a debit to Inventory for the gross amount of the purchase.
entry for the purchase of merchandise with
terms 1/10, n/30 will include
The FIFO cost flow assumption assumes that the oldest purchases are the first ones sold.
When the average cost method is used with moving average method.
a perpetual inventory system, it is known as
the
In a period of rising prices, which cost flow the FIFO method.
assumption produces the lowest cost of
goods sold?
Chapter 7 Assignment 1 Intermediate Accounting
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