Question

EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records of goods on hand throughout the accounting period and determines cost of goods sold only at the end of the accounting period. A Perpetual inventory system Periodic inventory system Just-in-Time Inventory System 0. Specific Identification Inventory Method TEXA2-Glossary: A perpetual inventory System Als updated each time an Her is purchase and updates cost of goods sold. B. Uses optical scanners and bar codes to control items. Mainly depends on physical counts of goods to update cost of goods sold. D. A and B and C E A and B. EX53 Glossary: What is Cost of Goods Sold? A The excess of net sales over the profit margin. B. The total cost of merchandise sold during an accounting period. c. Net Sales less returns. D. Net Sales less operating expenses. Homework #4 Glossary Complete the (3) blanks in the order sented: A Purchase 2 is a deduction granted by the seller to encourage the buyer to keep the merchandise. To record a Purchase 7. the buyer debits accounts payable and credits inventory. The seller offers the buyer a Purchase for prompt payment A Allowance and Refund and Discount B. Discount and Allowance and Retum c. Allowance and Return and Discount D. Return and Allowance and Discount Homework 585 Glossary: When ownership Megate of goods shipped Free on Board (FOB) passes to the buyer at the destination; who pays the freight costs? A Buyer pays the freight costs. 8. Seller pays the freight costs. c. The public carrier pays the freight costs. o. No-freight costs. Cost of Goods Sold Periodic Inventory System STUDY THE FORMAT What is the flow of Inventory Costs? - det cont - PERC v ya Bering more Lady BOX Puede

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