CHAPTER 8
VALUATION OF INVENTORIES : A COST-BASIS APPROACH
IFRS questions are available at the end of this chapter .
TRUE FALSE — Conceptual
1 . A manufacturing concern would report the cost of units only partially processed as inventory in the balance sheet .
2 . Both merchandising and manufacturing companies normally have multiple inventory accounts .
3 . When using a perpetual inventory system , freight charges on goods purchased are debited to Freight-In .