Under the perpetual inventory method, what account is credited when adjusting for the estimated cost of the merchandise sold this period, but expected to be returned next period?

Q: Compute the ending inventory and the cost of goods sold under the LIFO cost flow assumption assuming…

A: LIFO is last in first out method in which inventories which are purchased in last will be sold out…

Q: Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of…

A: Question is of Last -in, First - out method.  So, when units are sold on September 5, there were…

Q: Under a perpetual inventory system, what are the four inventory costing methods and how does each…

A: The four inventory costing methods are: Specific identification FIFO (First-In, First-Out), LIFO…

Q: All descriptions reveal the characteristics of a periodic inventory system, EXCEPT: Merchandise…

A: The correct option is: Inventory record is always up-to-date

Q: Which of the following is the correct journal entry for a return of goods that were purchased on…

A: As periodic inventory system purchases and sales are used instead of merchandise inventory.

Q: der the periodic inventory system, all increases and decreases in inventory, such as purchases,…

A: Solution: False.  Under periodic inventory system Daily inventory records are not maintained.

Q: The entry to record inventory shrinkage under a perpetual inventory system would include a debit to:…

A: Explanation: When There is Inventory shrinkage Under the perpetual inventory system The following…

Q: When using a perpetual inventory system, the journal entry to record the cost of goods sold is:…

A: Perpetual inventory system reports the inventory units on regular basis.

Q: When using the periodic FIFO inventory cost method, which of the following statements is true? a.The…

A: Under FIFO method the oldest products in stock is used to assess the cost of products sold. To put…

Q: Under the periodic inventory system, the journal entry to record the cost of merchandise sold at the…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of…

A: Introduction:- FIFO means First-in-first-out It is one of the inventory valuation method. As per…

Q: Under the perpetual inventory system, increases and decreases in inventory are recorded through the…

A: Solution: Under perpetual inventory system, inventory records are updated with every purchase and…

Q: a) Given that Weber Inc. employs a perpetual inventory system, calculate the cost of goods available…

A: One accounting method that uses computerized point-of-sale devices to continuously record inventory…

Q: Under which inventory cost flow assumption is the cost of the most recent purchases likely to remain…

A: Inventory valuation methods include: First-in first-out (FIFO) Method  Last-in first-out (LIFO)…

Q: In a periodic inventory system, the cost of merchandise purchased includes the cost of

A: Statement is TRUE  In a periodic inventory system, the cost of merchandise purchased includes the…

Q: The Rider Company uses the gross profit method to estimate ending inventory and cost of goods sold.…

A: In order to accurately estimate the ending inventory under the gross profit method, the cost…

Q: Record the end of period adjustment to determine the amount of cost of goods sold, including any…

A: The adjustment entry is to be made under periodic inventory system at year end to record cost of…

Q: How does a company that uses a perpetual inventory system determine the amount of inventory…

A:

Q: Under periodic inventory system, when there is purchase return then: Inventory will be debited…

A: Answer  A periodic inventory system only updates the closing inventory balance in the general ledger…

Q: Mcq In a perpetual inventory system, the amount of the discount allowed for paying for merchandise…

A: Perpetual inventory system is an inventory system in which all transactions related to inventory are…

Q: What accounts would be debited and credited to record the adjustment for the inventory shrinkage at…

A: Perpetual inventory system:   In this system, the record of inventory is maintained in a…

Q: Cost of goods sold is debited each time a sale is made under which of the following inventory…

A: The carrying value of the goods that are sold during a given period of time are termed as cost of…

Q: At the end of the accounting period, the correct entry in the general journal to adjust for…

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: Which of the following measures the length of time it takes to acquire, sell, and replace inventory?…

A: Numbers of days to sell inventory: This ratio is determined as the number of days a particular…

Q: The current period's ending inventory is: Multiple Choice The next period's beginning inventory. The…

A: Cost of goods sold = Beginning inventory + Net purchases - Ending inventory

Q: The inventory system in which merchandise is physically counted at least once a year to determine…

A: The system in which physical count of inventory is undertaken to value the ending inventory , cost…

Q: Which of the following accounts will not be found in the cost of merchandise sold section of the…

A: Income statement: The income statement is a financial statement that shows the net income earned or…

Q: of goods sold for the FIFO and the LIFO method based on the information

A: FIFO stands for First in first out . It means the inventory which is purchased first will be sold…

Q: Assuming a periodic inventory system is used, the journal entry to record the purchase of…

A: Let's understand some basics Merchandise is the term used to refer to any goods purchased for the…

Q: When using the periodic inventory system, which of the following generally would not be separately…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: Under periodic inventory system, at the time of sale of inventory the journal entry for cost of…

A: Periodic Inventory System Basically there are two types of inventory system are there.  One is…

Q: The amount shown in the adjustments credit column for Merchandise Inventory on the worksheet​ is:…

A: COGS is an expense item computed by subtracting the closing stock from the sum of the opening stock…

Q: A manufacturer shipped merchandise to a retailer on a consignment basis. If the merchandise is…

A: Goods in transit: Goods in transit can be described as the inventories which are shipped by the…

Q: Assuming that a perpetual inventory system is used, determine the cost of goods sold and the ending…

A: Inventory valuation refers to the methods used by the company to determine the value of its…

Q: Under a perpetual inventory system: Multiple Choice Cost of good sold is recorded with a period-end…

A: Inventory management is an important activity of management, it means management of storing,…

Q: Compute for the cost of ending inventory and cost of goods sold under Moving average (Perpetual…

A: Moving average method of inventory valuation says that cost or value of inventory changes after each…

Q: Under a perpetual inventory system, what are the four inventory costing methods and how does each…

A: Definition:

Q: The gross profit method assumes O The beginning inventory plus purchases equal total goods to be…

A: The gross profit indicates the excess amount of revenue over the cost of goods sold and available…

Q: under the system the ending inventory and cost of goods sold are determined at the end of the…

A: Inventory in the business can be maintained through perpetual inventory system or periodic inventory…

Q: During a period of rising prices, which U.S. GAAP inventory method reports the most current…

A: Definition:

Q: A method of inventory valuation wherein each particular item in the ending inventory is valued on…

A: Moving average inventory Method: Under this method, inventory is valued based on the average cost of…

Q: In the periodic inventory system, all purchases of merchandise during the period is recorded on what…

A: There are two type of inventory systems in the business. One is perpetual inventory system and other…

Q: In Periodic inventory system the goods are a. Not recorded till the time cost of goods are known b.…

A: For calculating the accurate inventory costs and maintaining the appropriate inventory…