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5 questions
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- Q1The formula to get the Cost of Good Sold is ___________Net Purchase + Freight InPurchases + Purchase Returns and AllowancesBeginning Inventory + Net Cost of PurchasesCost of Goods Available for Sale - Ending Inventory30sABM_FABM11-IVe-j-41
- Q2This is the amount of inventory at the beginning of the accounting period.PurchasesEnding InventoryNet PurchasesBeginning Inventory30sABM_FABM11-IVe-j-41
- Q3To get Net Cost of Purchases you need to ____________Deduct Purchase Returns and Purchase Discounts from PurchasesDeduct Sales Discount and Sales Returns from Gross SalesDeduct Ending Inventory to Cost of Goods Available for SaleAdd Net Purchases and Freight In30sABM_FABM11-IVe-j-41
- Q4It is the amount if inventory presented in the Statement of Financial Position. Total cost of inventory unsold at the end of the accounting cycle.Beginning InventoryEnding InventoryGross ProfitPurchases30sABM_FABM11-IVe-j-41
- Q5Net Purchases is equals to __________________Purchases + Purchases Discounts and Purchase ReturnsPurchases - Freight InPurchases + Freight InPurchases - Purchases Discounts and Purchase Returns30sABM_FABM11-IVe-j-41