ACC 304 help A Guide to career/Snaptutorial ACC 304 help A Guide to career/Snaptutorial | Page 32

37.
Goods on consignment are
a. included in the consignee's inventory.
b. recorded in a Consignment Out account which is an inventory
account.
c. recorded in a Consignment In account which is an inventory
account.
d. all of these
S38. Valuation of inventories requires the determination of all of
the following except
a. the costs to be included in inventory.
b. the physical goods to be included in inventory.
c. the cost of goods held on consign-ment from other companies.
d. the cost flow assumption to be adopted.
P39. The accountant for the Pryor Sales Company is preparing the
income statement for 2012 and the balance sheet at December 31,
2012. Pryor uses the periodic inventory system. The January 1, 2012
merchandise inventory balance will appear
a. only as an asset on the balance sheet.
b. only in the cost of goods sold section of the income statement.
c. as a deduction in the cost of goods sold section of the income
statement and as a current asset on the balance sheet.