What is the correct entry to write off the inventory under perpetual method?Dr. Cost of Goods sold Cr. Inventory AccountB Dr. Sales Cr. Cost of Goods sold© Dr. Sales Cr. Inventory AccountDr. Inventory Account Cr. Cost of Goods sold

The Perpetual Inventory System is a highly preferred system as it can produce accurate results…

What is the correct entry to write off the inventory under perpetual method? Dr. Cost of Goods sold Cr. Inventory Account Dr. Sales Cr. Cost of Goods sold Dr. Sales Cr. Inventory Account Dr. Inventory Account Cr. Cost of Goods sold

What is the correct entry to write off the inventory under perpetual method? Dr. Cost of Goods sold Cr. Inventory Account Dr. Sales Cr. Cost of Goods sold Dr. Sales Cr. Inventory Account Dr. Inventory Account Cr. Cost of Goods sold

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 13MC: Which of the following accounts are used when recording the sales entry of a sale on credit? A....

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What is the correct entry to write off the inventory under perpetual method?
Dr. Cost of Goods sold Cr. Inventory Account
B Dr. Sales Cr. Cost of Goods sold
© Dr. Sales Cr. Inventory Account
Dr. Inventory Account Cr. Cost of Goods sold

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Under the retail inventory method, freight-in would be included in the calculation of the goods available for sale for which of the following?
Inventory Costing: LIFO Refer to the information for Filimonov Inc. and assume that the company uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.
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Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3.
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