Managerial accounting Study Set 9
Quiz 2: Cost Terms, Concepts, and Classifications
If the Ending Inventory of Finished Goods Is Understated,net Income
If the ending inventory of finished goods is understated,net income will be overstated.
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In a manufacturing company,goods available for sale equals the sum of the cost of goods manufactured and the beginning finished goods inventory.
Variable costs are costs whose per unit costs vary as the activity level rises and falls.
On a per unit basis,a fixed cost varies inversely with the level of activity.
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