Sales revenue is based on the ________ of the inventory, while cost of goods sold is based on the ________ of the inventory.
A. cost, selling price
B. cost, cost
C. selling price, retail price
D. selling price, cost
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The inventory system that uses computer software to keep a running record of inventory on hand is the:
A. cost of goods sold inventory system.
B. periodic inventory system.
C. perpetual inventory system.
D. hybrid inventory system.
Which of the following is NOT used to determine the cost of net purchases?
A. Freight-out
B. Freight-in
C. Purchase returns
D. Purchase discounts
Using a perpetual inventory system, what journal entry(ies) is(are) prepared when two units of merchandise are sold on account?
A. debit Accounts Receivable and credit Sales Revenue only
B. debit Cash and credit Sales Revenue only
C. debit Accounts Receivable and credit Sales Revenue; debit Cost of Goods Sold and credit Inventory
D. debit Accounts Receivable and credit Sales Revenue; debit Inventory and credit Cost of Goods Sold
All of the following costs would be included in the cost of inventory EXCEPT for:
A. insurance while in transit from seller.
B. costs to get inventory ready for sale.
C. taxes paid on the purchase price.
D. sales commission given to salesperson when the inventory is sold.