A company uses the end of each accounting period to count its inventory to use as the ending balance in inventom What inventory system does this company employ? O Perpetual Periodic End-of-Month FIFO O LIFO

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Jenbright Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory was $53,700. The ending inventory for the current year at year-end (FIIFO) costs is $98,000 and on a dollar-value LIFO basis is $76,520. Based on this information, prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. Prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the adjusting entry for the current year. Account Year-end

What is the inventory system called that discloses the amount of inventory on hand ONLY at the end of the accounting period when a physical count is taken? Group of answer choices retail physical periodic perpetual

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Required information [The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory т. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 46,800 133,300 7,000 163,600 4,700 $ 4,700 110,400 12,100 41,500 5,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $44,750.

When a company uses the perpetual inventory system in accounting for its merchandise inventory, which of the following is true?  Multiple Choice  The inventory account is updated after each sale  The inventory account is updated throughout the year as purchases are made.  Cost of goods sold is computed at the end of the accounting period rather than at each sale.  None of the other alternatives are correct  Purchases are recorded in the cost of goods sold account.

WMC uses a periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) 2. Prepare a journal entry to correct the errors.