Which of the Following Statements Is Correct

question 51

Multiple Choice

Which of the following statements is correct?

• A)Cost of goods available for sale is allocated between costs of goods sold and inventory at year-end.
• B)A purchase of inventory on credit increases both cost of goods available for sale and cost of goods sold.
• C)Purchases of inventory during a period less that period's cost of goods sold equals ending inventory regardless of the beginning inventory amount.
• D)Cost of goods available for sale equals ending inventory plus purchases.

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