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Question 6 a: Which of the following statements is correct and applies to inventory-costing methods...

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Accounting

Question 6 a:

Which of the following statements is correct and applies to inventory-costing methods during a period of rising prices and inflation?

a FIFO results in a lower cost of goods sold, higher ending inventory, higher gross profit margin
b LIFO results in lower a cost of goods sold, lower ending inventory, stabilized gross profit margins
c Average cost results are higher
d FIFO and LIFO stabilize gross profit margins

b: Which one of these is NOT an example of goods classified as inventory?

a raw materials
b work or goods in process
c finished goods
d sold goods

c: The combination of the cost of direct labor and materials and other costs related to the manufacturing process is called ________.

a total expenses
b operating costs
c cost of goods sold
d manufacturing overhead
e cost of production

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