INVENTORIES1.Inventories are defined by all of the following, excepta.Held for sale in the ordinary course of business.b.Used in the production or supply of goods and services for administrative purposesc.In the process of production for such saled.In the form of materials or supplies to be consumed in the production process or the rendering of services
2.Inventories encompass all of the following, except
3.Consumable stores or supplies to be consumed in the production process are reported as
4.A property developer must classify properties that it holds for sale in the ordinary course of business are
5.An entry debiting inventory and crediting cost of goods sold would be made whena.Merchandise is returned and the periodic inventory method is used.b.Merchandise is sold and the periodic inventory method is used.c.Merchandise is returned and the perpetual inventory method is used.d.Merchandise is sold and the perpetual inventory method is used.
6.What is the method of accounting for inventory in which the cost of goods sold is recorded each time a sale is made?
7.Which of the following is a characteristic of a perpetual inventory system?