Homework Answers
| When are actual physical counts of merchandise inventory necessary? | |
| Answer | Are necessary to adjust the Merchandise inventory account to the actual inventory available in perpetual and periodic inventory system. |
| Explanation: | All other options arr incorrect because physical count is must in periodic system and it is necessary in perpetual system. Counting once in quarter is not necessary. The best option is 4th. |
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on November 30 reveals that there are 100 units on hand. Assume a
periodic inventory system is used. Ending inventory under LIFO
is
Multiple Choice Question 95 Bonita Shutters has the following inventory information. Nov. 1 Inventory 8 Purchase 30 units @ $6.00 100 units @ $6.00 80 units @ $6.00 70 units @ $9.00 17 Purchase 25 Purchase A physical count of merchandise inventory on November 30 reveals that there are 100 units...
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