4. Merchandising Operations

1. Under the perpetual inventory system, how is the Cost of Goods Sold (COGS) determined at the time of each sale compared to the periodic inventory system?

Which of the following is NOT considered a product cost under variable costing?

Which two methods are most widely used for determining the cost of inventory in accounting systems?

If 3 bananas cost $0.99, what is the cost of goods sold (COGS) for 12 bananas under both perpetual and periodic inventory systems, assuming all 12 bananas are sold at the same rate?

Which of the following is NOT a type of inventory typically reported on a company's balance sheet?

Which of the following is a basic issue of inventory management in relation to Cost of Goods Sold under perpetual and periodic inventory systems?

In cost-plus pricing, what is added to the cost to determine the selling price?

Which of the following items is NOT included in the calculation of Cost of Goods Manufactured under both the perpetual and periodic inventory systems?

Which of the following methods are commonly used for costing inventory under both perpetual and periodic inventory systems?

All else constant, under the periodic inventory system, when using the weighted average cost method, the cost of goods sold (COGS) is calculated:

A company started the year with $10,000 of inventory. During the year, it purchased $25,000 of additional inventory and ended the year with $8,000 of inventory. Under the periodic inventory system, what is the cost of goods sold (COGS) for the year?

Which type of cost changes in total, in direct proportion to changes in activity level?

In a manufacturing company, which department is typically responsible for the price paid for direct materials when calculating variances in the cost of goods sold?

In the context of inventory accounting, units of product that are only partially complete at the end of an accounting period are classified as which type of inventory?

The materials price variance is the difference between the actual price of materials and which of the following?