Regardless of the inventory costing system used, cost of goods available for sale must be allocated between
A) beginning inventory and net purchases during the period.
B) ending inventory and beginning inventory.
C) net purchases during the period and ending inventory.
D) ending inventory and cost of goods sold.
E) beginning inventory and cost of goods sold.

Question

Quizplus · Accepted Answer

Cost of goods available for sale is allocated between ending inventory and cost of goods sold, as they are the two components of cost of goods available for sale.

Regardless of the Inventory Costing System Used, Cost of Goods