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59. Under a periodic inventory system, which of the following items is irrelevant in computing the cost of goods sold? a. Freight-in b. Merchandise Inventory,
59. Under a periodic inventory system, which of the following items is irrelevant in computing the cost of goods sold? a. Freight-in b. Merchandise Inventory, ending c. Delivery Expense d. Merchandise Inventory, beginning 60. An exchange gain or loss will arise for a U.S. company when: a. a rise or fall in interest rates occurs. b. a transaction is denominated in U.S, dollars. c. the exchange rate has changed between the date of sale and the date of payment. d. payment is made on the same day that the purchase or sale is recorded. 61. Which of the following costs would not be included in the cost of inventory? a. Taxes and tariffs applicable to the goods b. Invoice price c. Goods held on consignment d. Freight-in 62. When applying the lower of-cost-or-market rule to imventory, the market generally means: 3. Current replacement cost. b. Resale value. c. Original cost less physical deterioration. d. Orighal cost
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