Answer :
Option - C, Goods sold
Explanation :
Merchandise Inventory is goods available on hand and available for sale. Merchandise Inventory includes goods held for sale, goods located in the warehouse and goods located in an off-site warehouse but it does not include goods sold.
Knowledge Check 01 Merchandise Inventory includes all of the following except O Goods held for sale...
Knowledge Check 01 Assume that Speedboat Company has beginning finished goods inventory of $10,000; ending finished goods inventory of $150,000; goods available for sale of $210,000; and cost of goods manufactured of $200,000. What is its cost of goods sold? $20,000 $50,000 $60,000 $370,000 $340,000
Knowledge Check 01 Print Cold Creek Kayaks, a manufacturing company, has beginning finished goods inventory of $25,000; cost of goods manufactured of $320,000; and ending finished goods inventory of $32,000. What is the cost of goods available for sale? Hences
Inventory for a manufacturing company includes raw materials, work in process, and finished goods. Inventory for a merchandising company includes goods primarily in finished form ready for sale. In a perpetual inventory system, inventory is continually adjusted for each change in inventory. Cost of goods sold is adjusted each time goods are sold or returned by a customer. A periodic inventory system adjusts inventory and records cost of goods sold only at the end of a reporting period. Knowledge Check...
Knowledge Check 01 When the production process is complete in process costing, the completed goods and the accumulated costs are transferred across departments using a journal entry that includes the following: O A debit to the Finished Goods Inventory account and a credit to the Work in Process account for the first department in the series of processes. O A debit to the Finished Goods Inventory account and a credit to the Work in Process account for the final department...
Which of the following goods held for sale are not included in the seller's inventory? A Containers to be sold with the goods they contain. B Goods contracted for sale that are not segregated. C Goods shipped on approval that has been accepted. D Raw materials and supplies on hand that will become part of goods held for sale.
20) The amount recorded for merchandise inventory includes all of the following except A) Purchase discounts. B) Returns and allowances. C) Freight costs paid by the buyer. D) Freight costs paid by the seller. E) Trade discounts. 20) 20) The amount recorded for merchandise inventory includes all of the following except A) Purchase discounts. B) Returns and allowances. C) Freight costs paid by the buyer. D) Freight costs paid by the seller. E) Trade discounts. 20)
Knowledge Check 01 The inventory transactions of VTS Corporation are shown below. Date Transaction Number of Units Unit Cost/Price Jan. 1 Beginning inventory 500 $ 10 Feb. 25 Sale 300 20 May 21 Purchase 400 12 Jul. 15 Purchase 500 15 Dec. 10 Sale 800 20 All purchase/sale transactions are made on credit. The company uses the FIFO method and the perpetual inventory system to record transactions. The entry to record the transaction on December 10 will involve a debit...
Inventory for a manufacturing company includes raw materials, work in process, and finished goods. Inventory for a merchandising company includes goods primarily in finished form ready for sale. In a perpetual inventory system, inventory is continually adjusted for each change in inventory. Cost of goods sold is adjusted each time goods are sold or returned by a customer. A periodic inventory system adjusts inventory and records cost of goods sold only at the end of a reporting period. Knowledge Check...
19. The account for merchandise inventory reflects all the following, EXCEPT a) includes any purchase discounts. b) includes any returns and allowances. c) includes any necessary freight costs. d) is a long-term asset. e) Merchandise inventory reflects all of the above. 11. A debit memorandum is: a) The document a buyer issues to inform the seller of a debit made to the seller's account in the buyer's records. b) The source document for the purchase of merchandise inventory c) Required...
Cost of goods sold is characterized by which of the following statements? (Check all that apply.) Cost of goods sold is the money received from selling merchandise. Cost of goods sold is an expense reported on the income statement. Cost of goods sold includes the expenses of buying and preparing an item for sale. Cost of goods sold is used to figure gross profit. Cost of goods sold is also called cost of sales. Cost of goods sold is an asset reported on the balance sheet.Merchandise...