Question Details

The cost of goods purchased during a period 



1.	Accounting for inventories is important because inventories affect the ______________ section of the statement of financial position and the ______________ section on the income statement.

	2.	In a manufacturing company, goods that are ready to be sold to customers are referred to as ________________, whereas in a merchandising company they are generally referred to as _______________.


	3.	The cost of goods purchased during a period plus the beginning inventory is the amount of goods ________________ during the period.

	4.	Inventory costs are allocated to ______________ and cost of goods ____________.


	5.	It is generally recognized that a major objective of accounting for inventory is the proper determination of ______________.




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