Witt Company maintains a continuous record of purchases, materials issued into production and balances of all...
Witt Company maintains a continuous record of purchases, materials issued into production and balances of all goods in stock, so that inventory valuation data is available at any time. This is an example of a(n)
A) perpetual inventory system.
B) inventory control account.
C) periodic inventory system.
D) inventory cost method.
Homework Answers
|
Option A is the answer Perpetual inventory system is a inventory valuation system where the inventory balance is updated with every purchase or sale so that the appropriate balance can be calculated any time. Under periodic inventory system, inventory balance is updated at the end of every financial period. |
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Witt Company maintains a continuous record of purchases,
materials issued into production and balances of all...
4) In a perpetual inventory system, a business maintains a continuous record of the number of...
4) In a perpetual inventory system, a business maintains a continuous record of the number of units purchased, sold and on hand for each inventory item. Prepare the journal entries for the below 2 transactions. Purchase 1000 movies at $2 each for a total of $2,000 cash. Sold 600 movies on account for a price of S10 each for a total of $6,000. CREDIT DEBIT ACCOUNT NAME
anything helps 29. ccount balances, after closing entries have Apost-closing trial balance will reflect account balances,...
anything helps
29. ccount balances, after closing entries have Apost-closing trial balance will reflect account balances, after clos been posted to reset the temporary accounts, as follows: A) zero balances for balance sheet accounts. B) Balances only showing in income statement accounts C) Balances only showing for balance sheet accounts. D) zero balances for all accounts. 30. True or False: Ratio analysis expresses the relationship among selected items or financial statement data and includes liquidity, solvency and profitability ramos. A)...
1. Record merchandise purchased on account for $174,000. 2. Record the payment of $29,000 in cash...
1. Record merchandise purchased on account for $174,000.
2. Record the payment of $29,000 in cash for freight
charges.
3. Record merchandise returned to supplier for credit of
$31,000.
4. Record sales on account of $269,000.
5. Record cost of merchandise sold of $167,000.
6. Record the end-of-period adjusting entry. Ending inventory is
$49,000.
The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers...
13) Beginning inventory plus purchases quals A) ending inventory B) net purchases C) cost of goods...
13) Beginning inventory plus purchases quals A) ending inventory B) net purchases C) cost of goods sold oods available for sale D frue? 14) Which of the following statements and the r e who is A) A periodic inventory system kes detailed inventory records of the inventory on hand throughout the period. B) A perpetual inventory system does nor track the change in the inventory account as a result of a sale C) A periodic inventory system does not track...
Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases. The...
Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases. The following transactions occurred during the month of March 2020 for its major inventory line. a. Purchase of merchandise inventory on March 1, 2020, for $14,400 on account, terms 1/10, n/30. b. Paid $144 cash for freight charges on March 1, 2020, related to the purchase. c. Returned $108 of merchandise on March 5, 2020, and received a credit from the vendor. d. Paid the...
Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases. The...
Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases. The following transactions occurred during the month of March 2020 for its major inventory line. a. Purchase of merchandise inventory on March 1, 2020, for $14,400 on account, terms 1/10, n/30. b. Paid $144 cash for freight charges on March 1, 2020, related to the purchase. c. Returned $108 of merchandise on March 5, 2020, and received a credit from the vendor. d. Paid the...
The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight...
The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of inventory sold $ 31,000 161,000 16,000 18,000 36,000 256,000 154,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Complete this question by entering your answers...
A(n) __________ requires estimating inventory balances during the year for interim financial statements and a formal...
A(n) __________ requires estimating inventory balances during the year for interim financial statements and a formal count of all inventory items at the end of the year. Group of answer choices periodic inventory system inventory control account perpetual inventory system inventory cost method
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on F...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $22,000 and then sells this inventory on account on March 17 for $42,000. Record the purchase of inventory on account. Record the sale of inventory on account. Record the cost of goods sold.
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges...
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased Indirect materials issued to production Total materials issued to production Beginning materials inventory $ 90,000 30,000 110,000 50,000 The ending materials inventory cost is: $80,000. $90,000. $30,000. $50,000. $110,000. Maple Mount Fishery...
4) In a perpetual inventory system, a business maintains a continuous record of the number of units purchased, sold and on hand for each inventory item. Prepare the journal entries for the below 2 transactions. Purchase 1000 movies at $2 each for a total of $2,000 cash. Sold 600 movies on account for a price of S10 each for a total of $6,000. CREDIT DEBIT ACCOUNT NAME
anything helps
29. ccount balances, after closing entries have Apost-closing trial balance will reflect account balances, after clos been posted to reset the temporary accounts, as follows: A) zero balances for balance sheet accounts. B) Balances only showing in income statement accounts C) Balances only showing for balance sheet accounts. D) zero balances for all accounts. 30. True or False: Ratio analysis expresses the relationship among selected items or financial statement data and includes liquidity, solvency and profitability ramos. A)...
1. Record merchandise purchased on account for $174,000.
2. Record the payment of $29,000 in cash for freight
charges.
3. Record merchandise returned to supplier for credit of
$31,000.
4. Record sales on account of $269,000.
5. Record cost of merchandise sold of $167,000.
6. Record the end-of-period adjusting entry. Ending inventory is
$49,000.
The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers...
13) Beginning inventory plus purchases quals A) ending inventory B) net purchases C) cost of goods sold oods available for sale D frue? 14) Which of the following statements and the r e who is A) A periodic inventory system kes detailed inventory records of the inventory on hand throughout the period. B) A perpetual inventory system does nor track the change in the inventory account as a result of a sale C) A periodic inventory system does not track...
The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of inventory sold $ 31,000 161,000 16,000 18,000 36,000 256,000 154,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Complete this question by entering your answers...
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased Indirect materials issued to production Total materials issued to production Beginning materials inventory $ 90,000 30,000 110,000 50,000 The ending materials inventory cost is: $80,000. $90,000. $30,000. $50,000. $110,000. Maple Mount Fishery...
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