The Input Cost Changes That Occur After the Purchase of Inventory

question 123

Multiple Choice

The input cost changes that occur after the purchase of inventory items in a current cost accounting system are recognized as

• A)realized gains and losses.
• B)unrealized holding gains and losses.
• C)extraordinary gains and losses.
• D)costs of goods solD.

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Definitions:

Discarded

Refers to the process of eliminating or ignoring elements or information that are deemed irrelevant or unnecessary.

Opened

Opened refers to making something accessible or removing restrictions to allow entry or an unobstructed view.

Proposition

This term, already defined, can also refer to the content of what is expressed by a sentence.

Economy

The system of production, distribution, and consumption of goods and services in a particular geographic region.