객관식
Which of the following statements about inventory errors is true?
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5. Inventory
Inventory Errors
객관식
Which of the following is necessary to accurately calculate the amount in the inventory account at the end of an accounting period?
A
Subtract ending inventory from purchases
B
Add ending inventory to cost of goods sold
C
Subtract purchases from beginning inventory and add cost of goods sold
D
Add purchases to beginning inventory and subtract cost of goods sold
검증된 단계별 안내1
Understand the inventory formula: The inventory account at the end of an accounting period is calculated using the formula: \( \text{Ending Inventory} = \text{Beginning Inventory} + \text{Purchases} - \text{Cost of Goods Sold} \). This formula is derived from the flow of goods in a business.
Identify the components: \( \text{Beginning Inventory} \) is the inventory available at the start of the period, \( \text{Purchases} \) are the goods bought during the period, and \( \text{Cost of Goods Sold (COGS)} \) represents the cost of goods sold during the period.
Apply the formula: To calculate the ending inventory, add \( \text{Purchases} \) to \( \text{Beginning Inventory} \), then subtract \( \text{Cost of Goods Sold} \). This ensures that the inventory account reflects the goods remaining after sales and purchases.
Verify the logic: Adding purchases accounts for the increase in inventory during the period, while subtracting \( \text{COGS} \) accounts for the goods sold, leaving the remaining inventory.
Use the formula consistently: Always use \( \text{Ending Inventory} = \text{Beginning Inventory} + \text{Purchases} - \text{Cost of Goods Sold} \) to ensure accurate calculations for inventory at the end of the accounting period.
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