Identify which of the following statement is correct for perpetual inventory system?Under the perpetual Inventory system, on the purchase of Inventory purchase account is debited.When valuing ending Inventory under a perpetual Inventory system, oldest units purchased during the period using FIFO are allocated to the cost of goods sold when units are sold.When valuing ending Inventory under a perpetual Inventory system, weighted average cost method requires that a new weighted average unit cost be calculated after every sale.09/03/2024 15:01When valuing ending Inventory under a perpetual Inventory system, valuation using weighted average is the same as the valuation using weighted average under the periodic Inventory system.

The objective of the question is to identify the correct statement about the perpetual inventory…

Answered: Identify which of the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Physical counts of inventory ?
Inventory taken by the owner of the entity for personal use, will affect which of the following accounts and subsidiary journal, if the entity uses the periodic inventory system? Select one: a. The drawings account will decrease, while the purchases account increases, and the inventory taken by the owner for personal use will be recorded in the general journal at cost price. b. The drawings account will increase, while the inventory account will decrease, and the inventory taken by the owner for personal use will be recorded in the general journal at cost price. c. The drawings account will decrease, while the inventory account increases, and the inventory taken by the owner for personal use will be recorded in the general journal at cost price. d. The drawings account will increase, while the purchases account decreases, and the inventory taken by the owner for personal use will be recorded in the general journal at cost price.
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Describe in words the journal entries that are made ina perpetual inventory system when inventory is sold oncredit.
(True or false) Under the perpetual inventory system, on a work sheet, cost of sales will be shown in the trial balance (Dr), adjusted trial balance (Dr) and income statement (Dr) columns.
Under perpetual inventory system, on purchase of inventory Material account is debited. Any of the above accounts could be debited consistently. Purchase account is debited. Merchandise inventory account is debited.
wer the following independent questions and show computations supporting your answers. 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is 2. Assume that the company uses the average cost method. The value of the ending inventory on Decemb $. 3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is
Need to know how to get ending inventory for JAFFE on a corrected income statement for NPV
You are given financial statements and a Dupont analysis for Tesco and Ahold. What do you conclude about the two companies’ performances based on these numbers?
Purchased inventory received is added to the inventory records after all of the following are reconciled, except the a.vendor's invoice. b.sales invoice. c.receiving report. d.purchase order.
(Multiple Choice) Detailed records of goods held for resale are maintained under a a. perpetual inventory system. b. periodic inventory system. c. double entry accounting system. d. single entry accounting system.
Under a periodic inventory system, closing entries will include Oa. debits to Sales, Purchases Returns and Allowances, and Purchases Discounts Ob. adjustments to Merchandise Inventory to match physical inventory Oc. credits to Purchases and Sales Discounts Od. All of these choices are correct.

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