Which of the Following Is Necessary for Computing Cost of Goods

question 13

Multiple Choice

Which of the following is necessary for computing cost of goods sold but not necessary for computing the cost of goods available for sale?

• A)Freight-in
• B)Purchases
• C)Ending merchandise inventory
• D)Beginning merchandise inventory

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Definitions:

Prescriptive

Relating to providing guidance or recommendations on what actions to take, often based on analytical models.

Predictive

Relating to the ability to use known data to forecast the value, trend, or likelihood of an event happening in the future.

Descriptive

Pertains to statistical methods used to summarize, show, or describe data features without drawing conclusions or inferring from the sample to the population.

Categories

Distinct groups or classifications into which items or observations are divided based on shared qualities or characteristics.