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
Homework Answers
|
Periodic inventory system (Option A) Periodic inventory system is a inventory management tool where count of inventory is performed at the end of a financial period rather than after every sale. Whereas under perpetual inventory system, inventory is updated after every sale or purchase transactions. |
Add Answer to:
A(n) __________ requires estimating inventory balances during
the year for interim financial statements and a formal...
Interim Financial Reporting―Inventories 1) Which of the following statements is false regarding the interim financial reporting...
Interim Financial Reporting―Inventories 1) Which of the following statements is false regarding the interim financial reporting of inventories? a. Accounting standards permits companies to use estimated gross profit rates to determine the cost of goods sold during interim periods. b. LIFO liquidation computation should be done with respect to the entire year, not just the current reporting period. c. Reduction for lower of cost or market need not be recognized if we expect market prices for the affected inventory to...
21 Our company had the following balances and transactions during the current year related to merchandise...
21 Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit Sale on August 21 150 units What would be the company’s cost of goods sold in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method? Group of answer choices $4,900 $5,950 $10,950 $12,000 Question 221...
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.
Malcom, Inc. had the following balances and transactions during 2017: Beginning Merchandise Inventory as of January...
Malcom, Inc. had the following balances and transactions during 2017: Beginning Merchandise Inventory as of January 1, 2017 150 units at $81 March 10 Sold 60 units June 10 Purchased 270 units at $85 October 30 Sold 210 units What would be reported as Cost of Goods Sold on the income statement for the year ending December 31, 2017 if the perpetual inventory system and the first-in, first-out inventory costing method are used? Group of answer choices $12,150 $17,490 $35,100...
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)...
Which of the following inventory costing procedures requires a physical count of merchandise a minimum of...
Which of the following inventory costing procedures requires a physical count of merchandise a minimum of once a year at yearend? Group of answer choices the retail method the gross profit method the lower of cost or market method the average cost method
Wayward Company wants to prepare interim financial statements for the first quarter. The company ...
Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward's gross profit rate averages 30%. The following information for the first quarter is available from its records. January 1 beginning inventory $ 450,260 Cost of goods purchased 1,089,050 Sales 1,341,150 Sales returns 10,950 Required: Use the gross profit method to estimate the company's first quarter ending inventory.
True or False Unsold consigned merchandise should be included in the consignee’s inventory. If ending inventory...
True or False Unsold consigned merchandise should be included in the consignee’s inventory. If ending inventory for the year is understated, net income for the year is overstated. In the inventory for the year is overstated, owner’s equity reported on the balance sheet at the end of the year is understated. The specific identification inventory method should be used when the inventory consists of identical. Low cost units that are purchased and sold frequently. Of the three widely used inventory...
Reply as to whether each of the following comments relating to inventory during a financial statement...
Reply as to whether each of the following comments relating to
inventory during a financial statement audit is correct or
incorrect.
Correct/Incorrect Statement Inventory items "consigned in" should be included in the client's inventory totals. With strong internal control an inventory count may be performed prior to year-end. Generally accepted auditing standards require that the auditor be present at each location the client maintains inventory. Auditors must count all inventory items during the inventory count. The inventory of a manufacturing...
Answer T or F 1. Transportation-in is considered a cost of purchasing inventory 2. In many...
Answer T or F 1. Transportation-in is considered a cost of purchasing inventory 2. In many retail businesses, inventory is the largest current asset. 3. As inventory is sold in many retail businesses, the largest expense is created. 4. The cost of merchandise is inventory is limited to the purchase price less any purchase discounts. 5. A business using the perpetual inventory system, with its detailed subsidiary records, does not need to take a physical inventory. 6. One of the...
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)...
Which of the following inventory costing procedures requires a physical count of merchandise a minimum of once a year at yearend? Group of answer choices the retail method the gross profit method the lower of cost or market method the average cost method
Reply as to whether each of the following comments relating to
inventory during a financial statement audit is correct or
incorrect.
Correct/Incorrect Statement Inventory items "consigned in" should be included in the client's inventory totals. With strong internal control an inventory count may be performed prior to year-end. Generally accepted auditing standards require that the auditor be present at each location the client maintains inventory. Auditors must count all inventory items during the inventory count. The inventory of a manufacturing...
Most questions answered within 3 hours.
-
1. When balancing the equation H2SO4 (aq) + NaOH (aq) →
Na2SO4(aq) + H2O(aq), would you...
asked 26 minutes ago -
Provide a definition of “classification hierarchy” and
illustrate your definition with an example of how and...
asked 3 minutes ago -
1. Describe the four main green solvents. Provide one example of
the use of each solvent....
asked 7 minutes ago -
International ethics focus on:
1) exploitation of labor
2)corruption
3) environmental impact
4) none of the...
asked 18 minutes ago -
Costing Models You work for XYZ trucking and your boss has asked
you to figure out...
asked 11 minutes ago -
A 24.6 g sample of brass is heated in a flask to 125°C in
boiling water...
asked 19 minutes ago -
Which drug candidates are most effective at docking with COX1
and COX2 respectively?
COX1: flurbiprofen, COX2:...
asked 32 minutes ago -
You place the left end of the rod on a fulcrum, and hang the
right end...
asked 34 minutes ago -
Push an object with half the mass of the cabinet with a force of
200 N....
asked 40 minutes ago -
Differentiate the application and functions of
electronic medical records, electronic health records and
electronic personal health...
asked 41 minutes ago -
What is the height of the tsunami in a water depth of 10 m
assuming the...
asked 52 minutes ago -
A χ2 goodness-of-fit test was used to test the hypothesis that
students at a local university...
asked 55 minutes ago