Inventory is generally categorized as:
A. raw materials
B. work-in-progress
C. finished goods
D. obsolescence materials
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Three common cost flow assumptions are
A. First in and first out
B. Last in and first out
C. Average cost method
D. Straight line method
Two main types of inventory accounting system are
A. Periodic system
B. Perpetual system
C. First in and first out
D. Last in and first out
Work-in-progressinventory is the partially finished goods waiting for completion and resale;
A. 对
B. 错
The only way to determine the ending inventory cost and cost of goods sold in a periodic system is to count the goods.
A. 对
B. 错