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For each cost numbered 1 through 8 below identify which accounting treatment (a through c) would most likely be used in accounting for the cost

  1.   For each cost numbered 1 through 8 below, identify which accounting treatment (a through c) would most likely be used in accounting for the cost. You may use each letter more than once or not at all.

 

Users

a.Added to cost of inventory

b.Deducted from cost of inventory

c.Not part of cost of inventory

 

 

  1.      Cash price of goods purchased for resale

 

  1.      Transportation cost of goods shipped to customers

 

  1.      Transportation cost of goods shipped from suppliers FOB shipping point

 

  1.      Cash discount taken on purchases of inventory

 

  1.      Transportation cost of goods being shipped to consignee

 

  1.      Assembly costs of products which will be sold to customers

 

  1.      Insurance cost paid while inventory is in transit from suppliers

 

  1.      Excise, sales, use, value added, and other fees and taxes paid on the purchase of inventory

Jan 25 2020 View more View Less

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