Question

Inventory is reported on the balance sheet as a current asset.

Answer: True

Feedback: Because inventory will be used or converted into cash within one year, it is reported on the balance sheet as a current asset.

10. Cost of goods sold = Beginning inventory + Purchases Ending inventory

Answer: True

Feedback: Cost of goods sold = Beginning inventory + Purchases Ending inventory

11. Ending inventory = Beginning inventory + Purchases + Cost of goods sold

Answer: False

Feedback: Ending inventory = Beginning inventory + Purchases Cost of goods sold

Answer

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