Which of the following statements regarding cost flows is true? Select one: Cost of goods available...

Which of the following statements regarding cost flows is true?

Select one:

Cost of goods available for sale is equal to beginning inventory minus cost of goods purchased.

CGAS = beginning inventory minus ending inventory.

CGAS = cost of goods sold minus cost of goods purchased.

Cost of goods available for sale is equal to beginning inventory plus cost of goods purchased.

Expert Solution

Answer:

Cost of goods available for sale is equal to beginning inventory plus cost of goods purchased.

Explanation to the above answer is as under

In the cost floe statement we calculate the various part of the total cost of the production example of the cost sheet is as under

CGAS= beginning inventory + cost of goods purchased

Following is the example of cost sheet

XYZ Company
Cost Sheet Template
Description	Amount
Opening Stock	-
Add: cost of goods purchased	-
Cost of goods available for sale (CGAS)
Less: Closing Stock - Raw Material	-
Cost of goods sold	-
Add:- Selling and Distribution Overhead Expenses:-
Commissions	-
Salary - Sales	-
Advertisement	-
Sales Tax @ %	-
Bad Debts	-
COST OF SALES	-
ADD: PROFIT	-
SALES	-

ekkarill92 answered 2 years ago

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