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You are watching: The cost of the merchandise inventory that the business has sold to customers.

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Transcribed photo text: The price of the inventory that a company has offered to client is called: A) purchases. B) cost of goods sold. C) inventory. D) gun profit. The cost of inventory that is quiet on hand is called: A) expense of products sold, an price that shows up on the balance sheet. B) inventory, a lengthy - ax asset that shows up on the balance sheet. C) purchases, a existing asset that shows up on the balance sheet. D) inventory, a existing asset that shows up on the balance sheet. Making use of a perpetual perform system, which journal entry(ies) is (are) prepared once two units of goods are marketed on account? A) debit account Receivable and credit Sales Revenue; debit expense of items Sold and credit list B) debit Cash and credit Sales Revenue; debit cost of goods Sold and also credit inventory C) debit account Receivable and credit Sales Revenue just D) debit accounts Receivable and credit Sales Revenue; debit Inventory and credit expense of goods Sold The offering price the a television is $1600 and the expense to the retailer is $225. What is the retailer's gross benefit from the sale of the television? A) $1600 B) $225 C) $0 D) $1375 when inventory expenses are increasing, the FIFO costing technique will normally yield a price of items sold that is: A) same to the gross profit under the LIFO method. B) equal to expense of products sold under the LIFO method. C) reduced than price of goods sold under the LIFO method. D) greater than expense of goods sold under the LIFO method. I beg your pardon inventory costing technique provides the many current, increase - to - date price of perform on the balance sheet? A) FIFO B) LIFO C) average cost D) details identification A gross benefit percentage means that: A) for each disagreement of sales, the company has a price of items sold the seventy cents. B) because that each disagreement of sales, the firm has a gross profit of thirty cents. C) for each dollar of sales, the agency has a price of products sold of thirty cents. D) A and also B finishing inventory for the year ended December 31, 2017, is understated by $26,000. Just how will this error affect net income for 2018? A) Net revenue will it is in understated by $52,000. B) Net revenue will be overstated by $26,000. C) Net revenue will be understated by $26,000. D) Net revenue will be overstated by $52400. The lengthy - term asset the is no depreciated or amortized is: A) leasehold improvement. B) land improvement.

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C) office computers. D) land.