The periodic inventory system is used when management wants to always have a current inventory balance....
The periodic inventory system is used when management wants to
always have a current inventory balance.
True
False
Homework Answers
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False Perpetual inventory system should be used when the company needs to assess the inventory balance at any given time. Under periodic inventory, inventory is counted at the predefined intervals. |
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The periodic inventory system is used when management wants to
always have a current inventory balance....
under the periodic inventory system which amounts always stays the same?
under the periodic inventory system which amounts always stays the same?
When using the periodic inventory system, there is no need to record an adjusting entry for...
When using the periodic inventory system, there is no need to record an adjusting entry for inventory shrinkage. TURE OR FALSE?
Discuss briefly the difference between the perpetual inventory system and the periodic inventory system and how...
Discuss briefly the difference between the perpetual inventory system and the periodic inventory system and how is the amount of inventory determined when the periodic system is used?
Assuming a periodic inventory system is used, purchased of supplies on credit that are to be...
Assuming a periodic inventory system is used, purchased of
supplies on credit that are to be used in business are debited
to:
Phoenix Sonic the He... In-Home Water Treat... Clover POS Systems.... Ch 08 | Saved Help Save & Exit Submit MC Qu. 8-39 Assuming a periodic inventory system... Assuming a periodic inventory system is used, purchases of supplies on credit that are to be used in the business are debited to: accounts receivable. accounts payable. ooo purchases. supplies.
In a periodic inventory system, the "cash register" at the store is a computer terminal that...
In a periodic inventory system, the "cash register" at the store is a computer terminal that records sales and updates inventory records. True False
15) Classic Car Parts, Inc. uses a periodic inventory system. From the following details, calculate net...
15) Classic Car Parts, Inc. uses a periodic inventory system. From the following details, calculate net purchases. Beginning merchandise inventory Ending merchandise inventory Purchases Purchase Discounts Purchase Returns and Allowances Freight In $2,000 2,300 21,000 1,000 1,300 4,400 A) $18,700 B) $20,000 C) $20,700 D) $23,300 UE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 16) When preparing financial statements under the periodic inventory system, a calculation of cost of goods sold must be...
When is a periodic review system used?
When is a periodic review system used?
If a perpetual inventory system is used and a physical count discloses a shortage, the cost of merchandise sold...
If a perpetual inventory system is used and a physical count discloses a shortage, the cost of merchandise sold should be debited and the merchandise inventory account credited. 1) True 2) False Although Allowance for Doubtful Accounts normally has a credit balance, it may have either a debit or a credit balance before adjusting entries are recorded at the end of the accounting period. 1) True 2) False
Current Attempt in Progress Oriole Company uses a periodic inventory system. For April, when the company...
Current Attempt in Progress Oriole Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost 270 April 1 inventory April 15 purchase April 23 purchase 440 290 1,000 $30 36 39 $ 8,100 15,840 11,310 $35,250 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory Cost of goods sold $ $
In a periodic inventory system, the cost of goods sold is: In a periodic inventory system,...
In a periodic inventory system, the cost of goods sold is:
In a periodic inventory system, the cost of goods sold is: Multiple Choice Recorded as sales transactions occur. Determined by a computation which is performed at year-end, after the taking of a complete physical inventory. Equal to the beginning inventory, plus purchases made during the period, less sales revenue for the period. O Determined by subtracting the balance in the Gross Profit account from the amount of net sales.
Assuming a periodic inventory system is used, purchased of
supplies on credit that are to be used in business are debited
to:
Phoenix Sonic the He... In-Home Water Treat... Clover POS Systems.... Ch 08 | Saved Help Save & Exit Submit MC Qu. 8-39 Assuming a periodic inventory system... Assuming a periodic inventory system is used, purchases of supplies on credit that are to be used in the business are debited to: accounts receivable. accounts payable. ooo purchases. supplies.
In a periodic inventory system, the "cash register" at the store is a computer terminal that records sales and updates inventory records. True False
15) Classic Car Parts, Inc. uses a periodic inventory system. From the following details, calculate net purchases. Beginning merchandise inventory Ending merchandise inventory Purchases Purchase Discounts Purchase Returns and Allowances Freight In $2,000 2,300 21,000 1,000 1,300 4,400 A) $18,700 B) $20,000 C) $20,700 D) $23,300 UE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 16) When preparing financial statements under the periodic inventory system, a calculation of cost of goods sold must be...
If a perpetual inventory system is used and a physical count discloses a shortage, the cost of merchandise sold should be debited and the merchandise inventory account credited. 1) True 2) False Although Allowance for Doubtful Accounts normally has a credit balance, it may have either a debit or a credit balance before adjusting entries are recorded at the end of the accounting period. 1) True 2) False
Current Attempt in Progress Oriole Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost 270 April 1 inventory April 15 purchase April 23 purchase 440 290 1,000 $30 36 39 $ 8,100 15,840 11,310 $35,250 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory Cost of goods sold $ $
In a periodic inventory system, the cost of goods sold is:
In a periodic inventory system, the cost of goods sold is: Multiple Choice Recorded as sales transactions occur. Determined by a computation which is performed at year-end, after the taking of a complete physical inventory. Equal to the beginning inventory, plus purchases made during the period, less sales revenue for the period. O Determined by subtracting the balance in the Gross Profit account from the amount of net sales.
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