Homework Answers
| Option C | |
| Companies which use periodic inventory system take physical inventory count at the end of every accounting period to determine the cost of the goods sold, inventory at the date of balance sheet. |
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Practice Question 06 X Companies using a periodic inventory system take a physical inventory to determine...
QUESTION 8 Which statement is false? Taking a physical inventory involves actually counting, weighing, or measuring...
QUESTION 8 Which statement is false? Taking a physical inventory involves actually counting, weighing, or measuring each kind of inventory on hand. No matter whether a periodic or perpetual inventory system is used, all companies need to determine inventory quantities at the end of each accounting period An inventory count is generally more accurate when goods are not being sold or received during the counting. Companies that use a perpetual inventory system must take a physical inventory to determine inventory...
In a periodic inventory system, the cost of goods sold is: In a periodic inventory system,...
In a periodic inventory system, the cost of goods sold is:
In a periodic inventory system, the cost of goods sold is: Multiple Choice Recorded as sales transactions occur. Determined by a computation which is performed at year-end, after the taking of a complete physical inventory. Equal to the beginning inventory, plus purchases made during the period, less sales revenue for the period. O Determined by subtracting the balance in the Gross Profit account from the amount of net sales.
TB 06-108 Martock Company uses the periodic inventory ... Martock Company uses the periodic inventory system....
TB 06-108 Martock Company uses the periodic inventory ... Martock Company uses the periodic inventory system. The following information is available for the period ending December 31:(1) Sales: $30,000 (2) Beginning inventory: $17,500 (3) Ending inventory: $8,000 (4) Purchases: $10,000The cost of goods sold for the period is Multiple Choice $25,100 $19,500 $26,000 $24,500 $21,500
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand-10,500 units: cost $8.40 each 8 Purchased 29,000 units for $7.40 each. 14 Sold 20, 500 units for $13.90 each. 18 Purchased 15, 500 units for $6.90 each 25 Sold 19, 500 units for $12.90 each. 31 Inventory on hand-15,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018,...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand-3,500 units; cost $7.60 each. 8 Purchased 15,000 units for $6.00 each. 14 Sold 10,500 units for $12.50 each. 18 Purchased 8,500 units for $5.50 each. 25 Sold 9,500 units for $11.50 each. 31 Inventory on hand-7,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and...
at Tools Add-ons Help All changes saved in Drive mal text Arial 11 BIUA EEE 2 5 For companies that use a perpetual i...
at Tools Add-ons Help All changes saved in Drive mal text Arial 11 BIUA EEE 2 5 For companies that use a perpetual inventory system, all of the following are purposes for taking a physical inventory except a. to check the accuracy of the records. b. to determine the amount of wasted raw materials. c. to determine losses due to employee theft. d. to determine ownership of the goods. 21. At May 1, 2012, Kibbee Company had beginning inventory consisting...
20. Effe Company uses a periodic inventory system. Details for the inventory account for the month...
20. Effe Company uses a periodic inventory system. Details for the inventory account for the month of January, 2014 are as follows: (SHOW CALCULATIONS for full credit Units Per unit price Tota! Balance, 1/1/14 200 $5.00 $1,000 Purchase, 1/15/14 100 5.30 530 Purchase, 1/28/14 100 5.50 550 An end of the month (1/31/14) inventory showed that 160 units were on hand. If the company uses FIFO, what is the value of the ending inventory? a $800 b. 5832 C. $848...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand—3,000 units; cost $7.50 each. 8 Purchased 19,000 units for $6.40 each. 14 Sold 12,500 units for $12.90 each. 18 Purchased 10,500 units for $5.90 each. 25 Sold 11,500 units for $11.90 each. 31 Inventory on hand—8,500 units. Required: Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand—3,500 units; cost $6.70 each. 8 Purchased 17,000 units for $6.20 each. 14 Sold 11,500 units for $12.70 each. 18 Purchased 9,500 units for $5.70 each. 25 Sold 10,500 units for $11.70 each. 31 Inventory on hand—8,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and...
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account...
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory, $25,100; purchases, $307,000; purchase returns and allowances, $13,200; sales, $727,000; sales returns and allowances, $6,320; freight-in, $1,870; and operating expenses, $51,700. A physical count indicated that $25,000 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold....
QUESTION 8 Which statement is false? Taking a physical inventory involves actually counting, weighing, or measuring each kind of inventory on hand. No matter whether a periodic or perpetual inventory system is used, all companies need to determine inventory quantities at the end of each accounting period An inventory count is generally more accurate when goods are not being sold or received during the counting. Companies that use a perpetual inventory system must take a physical inventory to determine inventory...
In a periodic inventory system, the cost of goods sold is:
In a periodic inventory system, the cost of goods sold is: Multiple Choice Recorded as sales transactions occur. Determined by a computation which is performed at year-end, after the taking of a complete physical inventory. Equal to the beginning inventory, plus purchases made during the period, less sales revenue for the period. O Determined by subtracting the balance in the Gross Profit account from the amount of net sales.
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand-10,500 units: cost $8.40 each 8 Purchased 29,000 units for $7.40 each. 14 Sold 20, 500 units for $13.90 each. 18 Purchased 15, 500 units for $6.90 each 25 Sold 19, 500 units for $12.90 each. 31 Inventory on hand-15,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018,...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand-3,500 units; cost $7.60 each. 8 Purchased 15,000 units for $6.00 each. 14 Sold 10,500 units for $12.50 each. 18 Purchased 8,500 units for $5.50 each. 25 Sold 9,500 units for $11.50 each. 31 Inventory on hand-7,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and...
at Tools Add-ons Help All changes saved in Drive mal text Arial 11 BIUA EEE 2 5 For companies that use a perpetual inventory system, all of the following are purposes for taking a physical inventory except a. to check the accuracy of the records. b. to determine the amount of wasted raw materials. c. to determine losses due to employee theft. d. to determine ownership of the goods. 21. At May 1, 2012, Kibbee Company had beginning inventory consisting...
20. Effe Company uses a periodic inventory system. Details for the inventory account for the month of January, 2014 are as follows: (SHOW CALCULATIONS for full credit Units Per unit price Tota! Balance, 1/1/14 200 $5.00 $1,000 Purchase, 1/15/14 100 5.30 530 Purchase, 1/28/14 100 5.50 550 An end of the month (1/31/14) inventory showed that 160 units were on hand. If the company uses FIFO, what is the value of the ending inventory? a $800 b. 5832 C. $848...
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory, $25,100; purchases, $307,000; purchase returns and allowances, $13,200; sales, $727,000; sales returns and allowances, $6,320; freight-in, $1,870; and operating expenses, $51,700. A physical count indicated that $25,000 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold....
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