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    RENATO CAPUNO
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    The document contains two multiple choice questions about inventory losses from a fire and the effects of markups and markdowns. For the first question, the correct answer is d, as none of the listed items should be deducted from the initial inventory loss estimate. For the second question, the incorrect statement is a, as markups increase the cost of goods available, not the total quantity available for sale.

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    The document contains two multiple choice questions about inventory losses from a fire and the effects of markups and markdowns. For the first question, the correct answer is d, as none of the listed items should be deducted from the initial inventory loss estimate. For the second question, the incorrect statement is a, as markups increase the cost of goods available, not the total quantity available for sale.

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    © All Rights Reserved
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    4 views1 page

    Untitled

    Uploaded by

    RENATO CAPUNO
    The document contains two multiple choice questions about inventory losses from a fire and the effects of markups and markdowns. For the first question, the correct answer is d, as none of the listed items should be deducted from the initial inventory loss estimate. For the second question, the incorrect statement is a, as markups increase the cost of goods available, not the total quantity available for sale.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    4. On September 10, 2023, a fire burned substant ially all of an entity's inventory situated in its main warehouse.

    In determ ining the fina l amount of inventory loss,all of the following shall be deducted from the initial estimate of
    ending inventory, except
    a. Net realizable value of undamaged goods.
    b. Cost of relevant inventories in transit.
    c. Cost of inventories situated in other locations.
    d. None of the above

    5. The following statements are true about markups and markdowns,except


    a. Markups increase the total goods available for sale at retail
    b. Markdown cancellations decrease the total goods available for sale at retail
    c. Markdowns decrease the totalgoods available for sale at retail
    d. Markup cancellations decrease the total goods available for sale at retail

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