Cougar Corporation bought inventory on account on August 23rd. Cougar paid its supplier for the inventory...

Cougar Corporation bought inventory on account on August 23rd. Cougar paid its supplier for the inventory on August 28th. Cougar sold the inventory on account on September 2nd and received payment from its customer on September 12th. On what date did Cougar record the inventory as an expense?

August 28

September 2

August 23

September 12

Solutions

Expert Solution

Inventory to be recognised as expense, when the revenue is recognised.

Here inventory is sold on September 2nd. Hence inventory to be recognised as expense on September 2

ekkarill92 answered 2 years ago

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