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1. In the model base, after adding wastage to your Inventory control account ($), what is the Closing Inventory balance in the 5th period?
2. Which of the following is not a reason why we include both the COGS (inventory) control account and the Inventory control account to our financial statements at the same time?
We need both control accounts to be entered in before the model will balance properly
Purchases exists in both control accounts, and are equal and opposite numbers and therefore can be excluded
We should wait until all our calculations are done before adding our control accounts to our financial statements
3. Between the two control accounts (COGS and Inventory), how many entries are we making into the financial statements?
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