9 and 10 are true false questions

9. Management may choose any inventory costing method it desires as long as the cost flow assumption chosen is consistent with the physical movement of goods in the company. 10. The specific identification method of inventory valuation is desirable when a company sells a large number of low-unit cost items. MULTIPLE CHOICE QUESTIONS Items waiting to be used in production are considered to be a raw materials. b. work in progress. c. finished goods. d. merchandise inventory. In a manufacturing company, inventory that is ready for sale is called a raw materials inventory. b. work in process inventory. c. finished goods inventory. d. store supplies inventory. 12