Question

True or false: The transfer of costs from one inventory account to the next parallels the physical transfer of goods from one inventory to the next. True false question.

Answer 1

The transfer of costs from one inventory account to the next parallels the physical transfer of goods from one inventory to the next is true.

What is an Inventory Account?

Inventory accounting is part of accounting that involves modifications in values and accounts or price of inventoried assests.

A company's inventory nvolves goods are grouped into three stages of production which are raw goods, in-progress goods, and finished goods that are ready for sale.

Therefore, The transfer of costs from one inventory account to the next parallels the physical transfer of goods from one inventory to the next is true because gross profit will be lower, income tax will be lower and the cost of goods will increase.

Learn more on inventory account from the link below.

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