ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 49

8. Purchase Discounts Lost is a financial expense and is reported in the ―other expenses and losses‖ section of the income statement. 9. The cost flow assumption adopted must be consistent with the physical movement of the goods. 10. In all cases when FIFO is used, the cost of goods sold would be the same whether a perpetual or periodic system is used.