Review for test 3

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In a period of falling prices the LIFO method results in a lower cost of goods sold than the FIFO method

True

Which of the following would NOT be considered an operating expense

Cost of merchandise sold

The recording of a cash sale of merchandise requires a

Credit to a sales accounts and a debit to the cash account

The cost of goods available for sale consists of the beginning inventory plus the cost of goods purchased

True

Under the Lower of cost or market basis market is defined as current replacement cost

True

if a company determines cost of merchandise sold each time a sale occurs it

Uses perpetual inventory system

Which of the following is considered as an operating expense for a grocery store

Wage expense


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