Most merchandise companies use computerized _______: a. google spreadsheets b. machinery software sales c. perpetual inventory...
Most merchandise companies use computerized _______:
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a. google spreadsheets |
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b. machinery software sales |
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c. perpetual inventory systems |
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d. net income |
Homework Answers
Most merchandise companies use computerized
c. Perpetual inventory systems.
This is because, when a perpetual inventory system is used, every transaction will be updated at the time of occurance itself. This will show correct inventory balance everytime.
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Most merchandise companies use computerized _______:
a. google spreadsheets
b. machinery software sales
c. perpetual inventory...
QUESTION 2 2. Most merchandise companies use computerized a. google spreadsheets O b. machinery software sales...
QUESTION 2 2. Most merchandise companies use computerized a. google spreadsheets O b. machinery software sales O c. perpetual inventory systems d. net income QUESTION 3 S. Internet applications to plan and coordinate marketing and sales are known as: a. software programming b.itunes apps for businesses c. customer relationship management d. excel based spreadsheets
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and...
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and relurns occur and under periodic inventory system the Merchandise inventory account slays as its beginning balance unti the physical inventory is recorded at the and of the accounting period. True False Under the perpetual inventory systerm, in addition to making the entry to record a sala, a company wouid: A. Debit Marchandise Inventory and credit Cost of Goods Sold B. Debit Cost of Goods...
wase and sales E5-7 The following merchandise transactions occurred in December. Both companies use a perpetual inv...
wase and sales E5-7 The following merchandise transactions occurred in December. Both companies use a perpetual inventory syste calculate Dec. 3 Pictou Ltd. sold goods to Thames Corp. for $68,000, terms 2/10, n/30, FOB shipping point The inventory had cost Pictou $36,000. 7 Shipping costs of $900 were paid by the appropriate company. 8 Thames returned unwanted merchandise to Pictou. The returned merchandise has a sales price of $2,100, and a cost of $1,150. It was restored to inventory. 11...
L02. How are merchandise inventory costs determined under a perpetual inventory system Use the following information...
L02. How are merchandise inventory costs determined under a perpetual inventory system Use the following information to answer the next 2 questions: Beginning Inventory January 1st = 100 units x $10 = $1,000 Purchases on January 15th = 100 units x S12 = $1,200 a) Using the perpetual system and FIFO method, what is the Cost of Goods Sold if we sell 125 units on January 20th? Please show work b) Using the perpetual system and LIFO method, what is...
The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3...
The following merchandise transactions occurred in
December. Both companies use a perpetual inventory
system.
Dec.
3
Novak Ltd. sold goods to Flounder Corp. for $72,400, terms
2/10, n/30, FOB shipping point. The inventory had cost Novak
$37,700.
7
Shipping costs of $980 were paid by the appropriate
company.
8
Flounder returned unwanted merchandise to Novak. The returned
merchandise has a sales price of $2,200, and a cost of $1,120. It
was restored to inventory.
11
Novak received the balance due...
Which of the following statements is not correct? A. Even in a perpetual inventory system, a...
Which of the following statements is not correct? A. Even in a perpetual inventory system, a business must count inventory at least one a year. B. Restaurants and small retail stores often use the periodic inventory system. C. In a periodic inventory system, merchandise inventory and purchasing systems are integrated with the records for Accounts Receivable and Sales Revenue. D. In a perpetual inventory system, the "cash register" at the store is a computer terminal that records sales and updates...
Using a perpetual inventory system, Big Bang Inc. purchases of $30,000 of merchandise on account. How...
Using a perpetual inventory system, Big Bang Inc. purchases of
$30,000 of merchandise on account. How should they record this
purchase?
Using a perpetual inventory system, Big Bang Inc. purchases of $30,000 of merchandise on account. How should they record this purchase? Select one: O a. increase in Merchandise Inventory. O b. decrease in Sales. O c. increase in Sales. O d. decrease in Merchandise Inventory.
Question 8 (2 points) Merchandise inventory is a significant current liability for most merchandising companies. True...
Question 8 (2 points) Merchandise inventory is a significant current liability for most merchandising companies. True False Question 9 (2 points) The method that requires a physical counting of the inventory is called the specific identification inventory method. True False Question 10 (2 points) Under lower of cost or market, market refers to current replacement cost. True False Question 11 (2 points) Under the perpetual inventory system a sales transaction requires two journal entries. True False Question 12 (2 points)...
please show work for A,B,C Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for...
please show work for A,B,C
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for H76 are as follows: July 1 Inventory 300 units at $120 12 Sale 210 units 23 Purchase 360 units at $135 26 Sale 330 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 23 purchase. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the...
Record sales transactions using a perpetual inventory system. (LO 1), AP Use a tabular summary to...
Record sales transactions using a perpetual inventory system. (LO 1), AP Use a tabular summary to record the following transactions for Borst Company using a perpetual inventory system. (a) On March 2, Borst Company sold $800,000 of merchandise to McLeena Company on account. The cost of the merchandise sold was $540,000. (b) On March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $94,000. (c) On March 12, Borst Company...
QUESTION 2 2. Most merchandise companies use computerized a. google spreadsheets O b. machinery software sales O c. perpetual inventory systems d. net income QUESTION 3 S. Internet applications to plan and coordinate marketing and sales are known as: a. software programming b.itunes apps for businesses c. customer relationship management d. excel based spreadsheets
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and relurns occur and under periodic inventory system the Merchandise inventory account slays as its beginning balance unti the physical inventory is recorded at the and of the accounting period. True False Under the perpetual inventory systerm, in addition to making the entry to record a sala, a company wouid: A. Debit Marchandise Inventory and credit Cost of Goods Sold B. Debit Cost of Goods...
wase and sales E5-7 The following merchandise transactions occurred in December. Both companies use a perpetual inventory syste calculate Dec. 3 Pictou Ltd. sold goods to Thames Corp. for $68,000, terms 2/10, n/30, FOB shipping point The inventory had cost Pictou $36,000. 7 Shipping costs of $900 were paid by the appropriate company. 8 Thames returned unwanted merchandise to Pictou. The returned merchandise has a sales price of $2,100, and a cost of $1,150. It was restored to inventory. 11...
L02. How are merchandise inventory costs determined under a perpetual inventory system Use the following information to answer the next 2 questions: Beginning Inventory January 1st = 100 units x $10 = $1,000 Purchases on January 15th = 100 units x S12 = $1,200 a) Using the perpetual system and FIFO method, what is the Cost of Goods Sold if we sell 125 units on January 20th? Please show work b) Using the perpetual system and LIFO method, what is...
The following merchandise transactions occurred in
December. Both companies use a perpetual inventory
system.
Dec.
3
Novak Ltd. sold goods to Flounder Corp. for $72,400, terms
2/10, n/30, FOB shipping point. The inventory had cost Novak
$37,700.
7
Shipping costs of $980 were paid by the appropriate
company.
8
Flounder returned unwanted merchandise to Novak. The returned
merchandise has a sales price of $2,200, and a cost of $1,120. It
was restored to inventory.
11
Novak received the balance due...
Using a perpetual inventory system, Big Bang Inc. purchases of
$30,000 of merchandise on account. How should they record this
purchase?
Using a perpetual inventory system, Big Bang Inc. purchases of $30,000 of merchandise on account. How should they record this purchase? Select one: O a. increase in Merchandise Inventory. O b. decrease in Sales. O c. increase in Sales. O d. decrease in Merchandise Inventory.
Question 8 (2 points) Merchandise inventory is a significant current liability for most merchandising companies. True False Question 9 (2 points) The method that requires a physical counting of the inventory is called the specific identification inventory method. True False Question 10 (2 points) Under lower of cost or market, market refers to current replacement cost. True False Question 11 (2 points) Under the perpetual inventory system a sales transaction requires two journal entries. True False Question 12 (2 points)...
please show work for A,B,C
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for H76 are as follows: July 1 Inventory 300 units at $120 12 Sale 210 units 23 Purchase 360 units at $135 26 Sale 330 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 23 purchase. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the...
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