Mineral Makers (MM) Company Keeps Its Inventory Records Using a Perpetual

question 214

Multiple Choice

Mineral Makers (MM) Company keeps its inventory records using a perpetual system. At December 31, 2014 the unadjusted balance in the Inventory account is $64,000. Through a physical count on December 31, 2014, MM determines that its actual inventory at year-end is $62,500. Which of the following is true regarding the statement of financial position and the income statement of MM at December 31, 2014?

• A) Inventory is increased and cost of goods sold is decreased by $1,500.
• B) Inventory is decreased and cost of goods sold is increased by $1,500.
• C) Inventory is increased and cost of goods sold is increased by $1,500.
• D) Inventory is decreased and cost of goods sold is decreased by $1,500.

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Statistical measures that represent the middle value in a set of data, often used to understand central tendencies in various contexts.

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