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Basic Question 1 of 22
At year-end, all costs of goods available for sale either become cost of goods sold or ending inventory. True or False?
User Contributed Comments 2
| User | Comment |
|---|---|
| vatsal92 | It means either inventory is COGS or Closing stock. |
| kieranjh | don't the goods have to actually be sold to be COGS? it seems logical that an unsold good is just inventory. |
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Learning Outcome Statements
describe different inventory valuation methods (cost formulas);
calculate and compare cost of sales, gross profit, and ending inventory using different inventory valuation methods and using perpetual and periodic inventory systems;
calculate and explain how inflation and deflation of inventory costs affect the financial statements and ratios of companies that use different inventory valuation methods;
CFA® 2024 Level I Curriculum, Volume 3, Module 22.