If a company is using a perpetual inventory system, the balance in its inventory account three-quarters of the way through an accounting period would be equal to:
A) the total of the beginning inventory plus goods purchased during the accounting period
B) the inventory on hand at the beginning of the period
C) the amount of inventory on hand at that date
D) the amount of goods purchased during the period
12) Which of the following would be included in the Cost of Goods Sold account on a merchandising company's income statement?
A) shipping costs from the manufacturer to the merchandiser
B) sales commissions
C) costs of advertising
D) sales taxes
13) Sales commissions are not normally included in the cost of goods sold account.
14) Freight-in is the transportation cost, paid by the buyer, to move goods from the seller to the buyer.
15) Sales taxes paid by a merchandising company on its sales are normally included in the cost of goods sold account.
16) A purchase allowance is a decrease in the cost of purchases because the purchaser returned goods to the supplier.
17) In a perpetual inventory system, businesses maintain a continuous record for each inventory item.
18) Historically, perpetual inventory systems have been used to account for inventory items with a low unit cost.
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