Question 1

Merchandise inventory is

Accepted Answer

A)  reported under the classification of Property, Plant, and Equipment on the balance sheet.
B)  often reported as a miscellaneous expense on the income statement.
C)  reported as a current asset on the balance sheet.
D)  generally valued at the price for which the goods can be sold.

Question 2

Items waiting to be used in production are considered to be

Accepted Answer

A)  raw materials.
B)  work in progress.
C)  finished goods.
D)  merchandise inventory.

Question 3

Farley Foods had beginning inventory of $15,000 at March 1, 2008.During the month, the company made purchases of $40,000.The inventory at the end of the month is $17,300.What is cost of goods sold for the month of March?

Accepted Answer

A)  $37,700
B)  $40,000
C)  $55,000
D)  $57,300

Exam 9: Inventories and Cost of Goodscalculation

Farley Foods had beginning inventory of $15,000 at March 1, 2008.During the month, the company made purchases of $40,000.The inventory at the end of the month is $17,300.What is cost of goods sold for the month of March?

Correct Answer
verified

Merchandise inventory is

Correct Answer
verified

Items waiting to be used in production are considered to be

Correct Answer
verified

Exam 9: Inventories and Cost of Goodscalculation

Farley Foods had beginning inventory of $15,000 at March 1, 2008.During the month, the company made purchases of $40,000.The inventory at the end of the month is $17,300.What is cost of goods sold for the month of March?

Correct AnswerverifiedShow Answer

Merchandise inventory is

Correct AnswerverifiedShow Answer

Items waiting to be used in production are considered to be

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified