When preparing a worksheet for a merchandising company using periodic inventory system, which account should not be reported in the Income statement columns? -Sales discount -Freight-out -Freight-in -Accrued expenses -answer not given Which is not closed to income summary account under the periodic inventory system? * -Sales returns -Merchandise inventory beginning -Transportation-in -Accumulated depreciation -answer not given The following may be reversed at the beginning of the following accounting period, except *

Q: Using a periodic inventory system, Bertram Company records inventory at lower of cost or NRV using…

A: Periodic system of inventory is the one which states the inventory under that the updates are made…

Q: The work paper in the year of sale to eliminate unrealized intercompany profit in ending: a. Credit…

A: Inter transaction- It includes those transaction which are incurred within the subsidiary and…

Q: (a) Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable…

A: Direct Method :In Direct method the business will charge the inventory write-off to COGS…

Q: Cost of goods sold is determined only at the end of the accounting period in a perpetual inventory…

A: Periodic inventory system :The periodic inventory system is a method of ascertaining inventory by…

Q: Summarize a periodic inventory system by selecting all of the correct statements below. (Check all…

A: Periodic Inventory:The periodic inventory system is based on periodic reviews and physical counts of…

Q: 4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of…

A: Inventory Valuation Method - Inventory valuation method includes FIFO, LIFO, and Weighted Average…

Q: 1-Which of the following will be classified under inventory? a. Raw Materials b. All the above c.…

A: Gross profit margin = [(REVENUE - COGS) /REVENUE] *100

Q: Identify whether each description best applies to a periodic or a perpetual inventory system.…

A: An inventory system is a method used by businesses to keep track of their inventory, which includes…

Q: A multi-step income statement in a periodic inventory system differs from that in a perpetual…

A: Income statement is the financial statements which is used to see the performance of the entity or…

Q: Perpetual versus Periodic Inventory Systems Graham Company is trying to select an inventory system.…

A: Periodic and Perpetual inventory systems are two important systems of cost accounting that are used…

Q: Which of the following statements is true about the periodic inventory system? Question 2Select one:…

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Q: Which of the ff needs an adjustment to the A/R account of ABS company? a. goods in transit of the…

A: Under the FOB destination point sale, the seller can record its sales only after the buyer takes the…

Q: When there is a net profit in a merchandising entity, which of the following accounts may not be…

A: The closing entries are prepared to close the temporary accounts of the business. The temporary…

Q: Goods on order from a supplier  a) Revenue b) Not Inventory   c) Inventory d) Depends on shipping…

A: ANSWER: From the following above question some items should be treated as inventories other or non…

Q: The Cloud Company employs a perpetual inventory system and the McKenzie Corporation uses a…

A: Definition:   Perpetual and periodic inventory system: In merchandise business, there are two types…

Q: What is the method of accounting of inventory in which the cost of goods is recorded each time a…

A: The cost of goods included the cost of goods that are sold during the period.

Q: Complete this question by entering your answers in the tabs below. Perpetual System Applying a…

A: Periodic inventory system is a form of inventory valuation where the inventory account is updated at…

Q: Required: 1. Complete the…

A: "Since you have posted multiple questions with multiple sub parts,we will provide the solution only…

Q: Exccutive ventory record for each of the 60 types of products the company kceps in stock. The…

A: Last in First Out Method of Inventory Valuation: It is based on the assumption that the last item of…

Q: a. Prepare the cost flow assumption table for Hasellhouf Company's merchandise inventory using FIFO…

A: The first question is answered for you. Please resubmit specifying the question number you want…

Q: Under periodic accounting system, when merchandize is sold, entry is posted in which account? *…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Under the periodic inventory system, which of the following is a correct closing entry? A) Income…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: When preparing interim financial statements, what two methods can companies utilize to estimate cost…

A:

Q: t is possible to calculate shrinkage Multiple Choice   a)in Periodic Inventory Accounting but not…

A: Inventory shrinkage is the additional amount of inventory in the accounting records in comparison to…

Q: Physical counts of inventory: O a. Must be taken at least once a month. O b. Are not necessary under…

A: A physical count of inventory means having an actual count of inventory despite maintaining…

Q: Which inventory system would allow a business to determine inventory shrinkage (breakage, theft,…

A: Inventory Systems: Inventory systems are classified as periodic or perpetual based on how invetory…

Q: (True or false) Under the perpetual inventory system, on a work sheet, cost of sales will be shown…

A: Cost of Sales - Cost of Sales is the cost incurred by the company to earn sales for the…

Q: Need to know how to get ending inventory for JAFFE on a corrected income statement for NPV

A: This question is related to the ending inventory before moving into the question first we know about…

Q: A company that uses the periodic inventory system makes the following errors:…

A: Periodic inventory system refers to a method of inventory valuation in which physical count of…

Q: When a company changes its inventory method to LIFO, an exception is made for the way accounting…

A: Explain the difference in the accounting treatment of a change to the LIFO inventory method from…

Q: Lunar Company uses a perpetual inventory system. The company's accounting records provided the…

A: Inventory Valuation -Inventory valuation is performed by every organization. It is categorized into…

Q: In a periodic inventory system, cost of goods sold is not recorded as each sale occurs. Group…

A: The income statement is prepared to estimate the profitability of the business for the current…

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: a. Explain TWO differences between the perpetual and the periodic systems.  b. How do we record a…

A: Perpetual Inventory System : In this system, inventory is tracked continuously at each movement. The…

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

A: Inventory management is a method of acquiring, keeping, and selling inventory, which includes both…

Q: A periodic inventory system does not continually modify inventory amounts, but instead adjusts for…

A: The inventory under the periodic inventory system does not modify continuously but at the end. The…

Q: Some of the information found on a detail inventory card for Sheffield Inc. for the first month of…

A: Better customer service, improved cash flow, simpler processes, higher profitability, less risks,…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.