Home / Questions / The term cost flow refers to the association of costs with their assumed flow in the

The term cost flow refers to the association of costs with their assumed flow in the

The term cost flow refers to the association of costs with their assumed flow in the operation of a business.

 

 

22.Goods in transit shipped FOB shipping point should be included in the seller's ending inventory.

 

 

23.Goods in transit shipped FOB destination should be included in the buyer's ending inventory.

 

 

24.Goods held on consignment should be included in the consignee's ending inventory.

 

 

25.In accounting for inventory, the assumed cost flow need not match the physical goods flow.

 

 

26.Inventory methods such as LIFO and FIFO deal more with cost flow than with goods flow.

 

 

27.Costs incurred in storing inventory usually are included in inventory costs.

 

 

28.Freight charges associated with the purchase of inventory normally are included in inventory cost.

 

 

29.Replacement cost is the amount for which an inventory item can be resold.

 

 

30.The lower-of-cost-or-market rule implies that it is unrealistic to carry inventory at a cost that is in excess of its market value.

Jan 11 2020 Read more Less More

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