After the Physical Inventory Is Completed

question 146

Multiple Choice

After the physical inventory is completed

• A) quantities are listed on inventory summary sheets.
• B) quantities are entered into various general ledger inventory accounts.
• C) the accuracy of the inventory summary sheets is checked by the person listing the quantities on the sheets.
• D) unit costs are determined by dividing the quantities on the summary sheets by the total inventory costs.

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Definitions:

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Costs that have already been incurred and cannot be recovered or altered by future actions.

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Expenses associated with promoting and selling a product or service, including advertising, market research, and distribution costs.