Which ONE of the following statements is correct?
A: All items held in inventory must be valued at historical cost
B: All items held in inventory must be valued at selling price less expected costs to sell
C: Items in inventory are likely to be valued at either cost or at net realisable value
D: All items in inventory are likely to be valued at expected selling price
A: All items held in inventory must be valued at historical cost
B: All items held in inventory must be valued at selling price less expected costs to sell
C: Items in inventory are likely to be valued at either cost or at net realisable value
D: All items in inventory are likely to be valued at expected selling price
举一反三
- They checked off all the items in the inventory one by one. A: stock B: warehouse C: basement D: garden
- Which of the following items are non-current assets of a business? A: cash B: property C: equipment D: inventory
- Which of the following is the correct formula for cost of sales? A: Opening inventory – purchases + closing inventory B: Purchases – closing inventory + sales C: Opening inventory + closing inventory – purchases D: Opening inventory – closing inventory + purchases
- Costs included in the Merchandise Inventory account can include all of the following except:() A: Damaged inventory that cannot be sold. B: Storage. C: Invoice price minus any discount. D: Insurance.
- Costs included in the Merchandise Inventory account can include all of the following except: A: Invoice price minus any discount. B: Transportation-in. C: Storage. D: Insurance. E: Damaged inventory that cannot be sold.