The Cost of Goods Sold account is credited to write down the inventory as required by...
The Cost of Goods Sold account is credited to write down the inventory as required by the lower−of−cost−or−market rule.
True or False
Homework Answers
Answer
--Inventory account is an Asset account. Hence, it is increased when debited and decreased when credited.
--Writing down inventory means decreasing the inventory account
balance.
>This can be done by crediting Inventory account, OR
>A separate allowance account can be credited.
--However, Cost of Goods Sold will NOT be CREDITED to write down the inventory.
--Hence, the statement is FALSE.
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The Cost of Goods Sold account is credited to write down the
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In the Schedule of Cost of Goods Sold, Unadjusted cost of goods sold - Beginning finished...
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Cost of goods sold equals beginning finished goods inventory, plus cost of goods manufactured, less ending finished goods inventory. True or False
Cost of goods sold is an asset reported in the balance sheet and inventory is an...
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the journal entry to write down inventory under the lower of cost or net realizable value...
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Cost of goods sold is calculated under the periodic inventory procedure by subtracting ending inventory from cost of goods available for sale. True False
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