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?

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 15:01 When 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.

Under a perpetual inventory system, acquisition of inventory is dented to the purchases account. True or false?

What is the inventory system called that continuously discloses the amount of inventory? Group of answer choices physical perpetual retail periodic

Discuss how discounts are recorded in a perpetual inventory system, and compare how discounts are recorded in a periodic inventory system.

What are the two journal entries involved when recording the sale of inventory when using the perpetual inventory system?

The inventory valuation method which assumes that the items purchased first are the first items to be sold is called the _____ method. average costLIFO     specific identificationFIFO

Which of the following statements is true for a company that uses a periodic inventory system? a.The purchase of inventory requires a debit to Inventory. b.The return of defective inventory requires a debit to Purchase Returns and Allowances. c.The payment of a purchase within the discount period requires a credit to Purchase Discounts. d.Any amounts paid for freight are debited to Inventory.