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.