Inventoriable costs include all of the following

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3.Inventoriable costs include all of the following except thea.freight costs incurred when buying inventory.b.costs of the purchasing and warehousing departments.c.cost of the beginning inventory.d.cost of goods purchased.Answer: b
Use the following information to answer questions 4-7.Tier II Company uses a periodic inventory system.Details for the inventory accountfor the month of January 2019 are as follows:UnitsPer unit priceTotalBalance, 1/1/2019200$5.00$1,000Purchase, 1/15/20191005.30Purchase, 1/28/20191005.50An end of the month (1/30/2019) inventory showed that 120 units were on hand.4.How many units did the company sell during January 2019?530550
5.If the company uses FIFO, what is the value of the ending inventory?

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Term
Spring
Professor
byp
Tags
FIFO and LIFO accounting, Tier II Company

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