Companies using a perpetual inventory system: Multiple Choice always know the actual amount in inventory from...
Companies using a perpetual inventory system:
Multiple Choice
-
always know the actual amount in inventory from their accounting records.
-
still need to count the physical inventory occasionally.
-
must physically count their inventory at least once a week.
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never physically count their inventory.
Homework Answers
always know the actual amount in inventory from their accounting records.
Under the perpetual inventory system companies keeps track of inventory balances continuously with updates made automatically, whether a product is received or sold. Purchases and returns are immediately recorded in the inventory account.
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Companies using a perpetual inventory system:
Multiple Choice
always know the actual amount in inventory from...
When are actual physical counts of merchandise inventory necessary? w Multiple Choice o Are not necessary...
When are actual physical counts of merchandise inventory necessary? w Multiple Choice o Are not necessary under the personic system o Are never necessary under the perpetual system C Must be taken at least once a quarter • Are necessary to adjust the Merchandise inventory account to the actual inventory in perpetual and Demo c ny m s O Are neve necessary under the courto best con
E8-7 Recording Purchases and Sales Using a Perpetual and Periodic Inventory System Demski Company reported beginning...
E8-7 Recording Purchases and Sales Using a Perpetual and Periodic Inventory System Demski Company reported beginning inventory of 100 units at a unit cost of $25. It engaged in the following purchase and sale transactions during 2007: Jan. 14 Sold 25 units at unit sales price of $40 on open account. April 9 Purchased 15 additional units at unit cost of $25 on open account. Sept. 2 Sold 50 units at sales price of $45 on open account. At the...
Question 112 points) The income statement format that contains several sections and subsections is multiple-step Income...
Question 112 points) The income statement format that contains several sections and subsections is multiple-step Income statement. True False Question 2 (2 points) Purchase discounts reduce sales. True False Question 3 (2 points) Errors in the physical inventory count at the end of the accounting period affect both the income statement and balance sheet. True False Question 4 (2 points) High inventory turnover will result in a high average days inventory on hand. True False Question 5 (2 points) Under...
Multiple Choice What did we learn about COGS & Merchandise Inventory accounts? Question 3 options: We...
Multiple Choice What did we learn about COGS & Merchandise Inventory accounts? Question 3 options: We record COGS in a journal entry when we sell inventory, and that's for moving the cost of inventory from assets to income statement which will result in reducing the net income. In perpetual inventory system, COGS & Merchandise Inventory accounts are both income statement accounts, and they both decrease the net income once recorded in journal entries. When we sell, we will record COGS...
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS records, does not 1 . F. As Inventory is...
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS records, does not 1 . F. As Inventory is sold in many retail businesses, the largest expense is created A business using the perpetual Inventory system with detailed subsidiary records, does need to a physical Inventory count. 5. T.F. A detective internal control is designed to find error or misstatement after loss has occurred. 4. T. F. Purchased goods shipped FOB shipping point should be excluded from inventory of the purchaser. 5. T....
The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for...
The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for the month ended September 30: Hint: The missing Ending Materials Inventory amount on Sept 30 should be a simple calculation based on the information given. You will be asked to solve for various amounts based on your understanding of the relationships between these accounts, as we discussed. Purchases of direct materials $ 89,000 Direct materials used $ 69,200 Direct labor costs assigned to production...
Compatibility Mode - Word Refere Mailings Review View Help Grammarly MULTIPLE CHOICE. Choose the one alternative...
Compatibility Mode - Word Refere Mailings Review View Help Grammarly MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question _ 1)-3__ 1) Por a merchandise, the term " entry festo__ A) the cost of goods sold B) goods held for sale to customers C) www materials that are used for p uction D) equipatut are used in production process 2) Grow profit is calculated as the difference between et les me and A) cost...
The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for...
The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for the month ended September 30: Hint: The missing Ending Materials Inventory amount on Sept 30 should be a simple calculation based on the information given. You will be asked to solve for various amounts based on your understanding of the relationships between these accounts, as we discussed. Purchases of direct materials $ 73,000 Direct materials used $ 50,000 Direct labor costs assigned to production...
The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for...
The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for the month ended September 30: Hint: The missing Ending Materials Inventory amount on Sept 30 should be a simple calculation based on the information given. You will be asked to solve for various amounts based on your understanding of the relationships between these accounts, as we discussed. Purchases of direct materials $ 73,000 Direct materials used $ 50,000 Direct labor costs assigned to production...
The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for...
The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for the month ended September 30: Hint: The missing Ending Materials Inventory amount on Sept 30 should be a simple calculation based on the information given. You will be asked to solve for various amounts based on your understanding of the relationships between these accounts, as we discussed. Purchases of direct materials $ 73,000 Direct materials used $ 50,000 Direct labor costs assigned to production...
When are actual physical counts of merchandise inventory necessary? w Multiple Choice o Are not necessary under the personic system o Are never necessary under the perpetual system C Must be taken at least once a quarter • Are necessary to adjust the Merchandise inventory account to the actual inventory in perpetual and Demo c ny m s O Are neve necessary under the courto best con
E8-7 Recording Purchases and Sales Using a Perpetual and Periodic Inventory System Demski Company reported beginning inventory of 100 units at a unit cost of $25. It engaged in the following purchase and sale transactions during 2007: Jan. 14 Sold 25 units at unit sales price of $40 on open account. April 9 Purchased 15 additional units at unit cost of $25 on open account. Sept. 2 Sold 50 units at sales price of $45 on open account. At the...
Question 112 points) The income statement format that contains several sections and subsections is multiple-step Income statement. True False Question 2 (2 points) Purchase discounts reduce sales. True False Question 3 (2 points) Errors in the physical inventory count at the end of the accounting period affect both the income statement and balance sheet. True False Question 4 (2 points) High inventory turnover will result in a high average days inventory on hand. True False Question 5 (2 points) Under...
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS records, does not 1 . F. As Inventory is sold in many retail businesses, the largest expense is created A business using the perpetual Inventory system with detailed subsidiary records, does need to a physical Inventory count. 5. T.F. A detective internal control is designed to find error or misstatement after loss has occurred. 4. T. F. Purchased goods shipped FOB shipping point should be excluded from inventory of the purchaser. 5. T....
Compatibility Mode - Word Refere Mailings Review View Help Grammarly MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question _ 1)-3__ 1) Por a merchandise, the term " entry festo__ A) the cost of goods sold B) goods held for sale to customers C) www materials that are used for p uction D) equipatut are used in production process 2) Grow profit is calculated as the difference between et les me and A) cost...
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