Beginning inventory plus the cost of goods purchased equals?
A. cost of goods sold
B. cost of goods available for sale
C. net purchases
D. total goods purchased
True or False
Goods that have been purchased FOB destination but are in transit, should be excluded from a physical count of goods.
True or False
Inventory turnover is calculated as cost of goods sold divided by ending inventory.
True of False
Days in inventory are calculated as the inventory turnover ratio dividend 365
True or False
Finished goods are a classification of inventory for a manufacturer that are completed and ready for sale
True or False
If a company uses the FIFO cost assumption, the cost of goods sold for the period will be the same under a perpetual or periodic inventory system.
