Question 46

Q: Cost of goods available for sale (COGAS) equals:

	A.	Beginning inventory + cost of goods sold (COGS)
	B.	Ending inventory - beginning inventory
	C.	Cost of goods sold (COGS) + ending inventory
	D.	Ending inventory + purchases

1 points

Question 47

Q: At the end of the current accounting period, inventory that was purchased for $1,000 is found to have a market value of $850. Applying the LCM rule, the company must record a write-down of how much? (Omit $ sign in your answer.)

	A.	250
	B.	150
	C.	300
	D.	350

1 points

Question 48

Q: Valuing inventory at the lower-of-cost-or-market is an example of:

	A.	Conservatism
	B.	Objectivity
	C.	Verifiability
	D.	Historical cost