2. Which financial statement would users find these inventory accounts?

Q: In which financial statement is the inventory account balance presented?

A: In general there are Four Major components of financial statements a) Balance Sheet  b) Profit and…

Q: How do inventory errors affect the financial statements.

A: The financial statements of the business includes the income statement and balance sheet.

Q: What are the two types of inventory accounting systems? Briefly describe each.

A: Inventory Accounting Systems: Merchandise operation is an operation undertaken by the company to…

Q: The adjusting entry to set up the ending inventory will have: (A) a credit to Sales B a debit to…

A: Ending inventory is the worth of products still available for sale and held by a corporation at the…

Q: How to journaalize entries from accounting for purchase with frieght transaction?

A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…

Q: If a company purchases inventory on account, what type of accounts are affected? (i.e., assets.…

A: Inventory :- It is raw materials , work in progress , finished goods, which is used to produce…

Q: Explanation consideration for business while d a inventory system from  lifo fifo and weighted…

A: LIFO (Last in first out) LIFO is used to place an accounting value of inventories. It is based on…

Q: Which inventory system provides a better matching of revenue and expenses - Weighted Average, Moving…

A: Following is the answer to given problem

Q: Which of the following statements about merchandisingactivities is true? (More than one answer may…

A: Merchandising activities means activities of purchase and sale of goods that are ready for sale.…

Q: Who is responsible for releasing an order? Describe what happens to the inventory records andto PAC…

A: The person responsible for releasing an order is the material planner.

Q: What is a perpetual inventory system? What kind of businesses use perpetual inventory systems?

A: There are two types of inventory methods that are perpetual and periodic.

Q: What type of account is Merchandise Inventory and on which financial statement is it found? Does it…

A: Merchandise inventory means goods or stock that the business has in its books or in its stock. This…

Q: What is the name of the account used to record purchases of merchandise inventory?

A: The concept of merchandise inventory is associated with cost of goods that is in hand and available…

Q: Which accounting concept requires that any goods taken from inventory by the owner are treated as…

A: The business entity concept states that the company must separate transactions of the business from…

Q: What journal entry is required to record goods taken from inventory by the owner of a business for…

A: We have the following question: What journal entry is required to record goods taken from inventory…

Q: For a company like Best Buy, what does the balance of Cost of Goods Sold in the income statement…

A:

Q: 2. When Inventory is sold, how is the cost of goods sold account affected? Briefly explain

A: Inventory is an asset which is recorded in the balance sheet . It is the merchandise owned by the…

Q: Where do you find inventory, sales, and cost of sales accounts on the financial statements?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Explain an example how to calculate inventory turnover ratio.

A: Inventory turnover ratio : Inventory turnover is used to find how many times a company sold its…

Q: Is purchases is the account to be debited upon purchase of merchandise under the perpetual inventory…

A: Perpetual Inventory System It is the most important part of the business to enter the transactions…

Q: What inventory accounts are used by a manufacturer? In what financial statement will appear?

A: An inventory account or merchandise inventory account is an account to record the inventory…

Q: Required: 1. Prepare the income statements to reflect the correct amounts, taking into consideration…

A: Overstatement of ending inventory will reduce the cost of goods sold and also increase the opening…

Q: Prepare the inventory records using the First-in-first-out (FIFO) method.

A: FIFO Method - In this method, the quantity which is purchased first is sold first and basis on that…

Q: relationship would you expect between inventory and accounts payable

A: Relationship between inventory and accounts payable:-   The main connection between the inventory…

Q: Compute the correct amount of inventory.

A: Inventory is the stock which the company has in order to sell them in the normal course of the…

Q: 1. Explain the effect of each inventory cost flow method on the company's net income 2. Recommed one…

A: There are primarily four type of inventory cost method- 1. First in first out method2. Last in first…

Q: Based on the information, Determine the adjusted balances of Inventory,Accounts…

A: Adjusted balance can be defined as those amount of balance determined after the closure of books. It…

Q: 1 Which of the following statements about perpetual merchandising activities is true? (Identify the…

A: Hi student Since there are multiple question, we will answer only first question. If you want…

Q: Explain the inventory accounting system.

A: Inventory accounting is the body of accounting that used to valuing and accounting for changes in…

Q: The journal entry to write inventory up to the net realizable value would be​ _______. a) a debit to…

A: SOLUTION- INVENTORY IS AN ASSET AND TO WRITE UP INVENTORY WE HAVE TO CREDIT THE INVENTORY. AS IT…

Q: What should be the journal entry to match the inventory record to the physical count of inventory?…

A: Inventory is the goods which the company has which are in order to sell them. In simple terms, these…

Q: What are the two accounting systems are used to record transactions involving inventory?

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: The journal entry to record the purchase of inventory on account is:

A: The journal entry to record the purchase of inventory on account is: Answer - A Debit…

Q: Where is the amount of merchandise inventory disclosed in the financial statements?

A: Merchandise Inventory:   It refers to the current assets that a company expects to sell during the…

Q: 1. Before inventory purchases are recorded, the receiving report should be reconciled to what…

A: Inventory: Inventory refers to the raw materials, work in progress, and finished goods that are held…

Q: Q-1: What is Perpetual and Periodic Inventory System? Explain the differences between both. Record…

A: There are two methods to track inventory, namely, periodic and perpetual inventory system.  Periodic…

Q: What is the treatment of the following items in connection with the retail inventory method? d.…

A: A retail business is one that buys goods in bulk from the wholesaler and sells them in smaller…

Q: i) Explain the main causes of inventory decreasing and increasing. (ii) What is the accounting…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: What are the two journal entries involved when recording the sale of inventory when using the…

A: Perpetual inventory system refers to the inventory system that maintains the detailed records of…

Q: ceives a credit terms of : e Inventory account?

A: Given terms as, 2/10 and n/30

Q: how do I find the amount of inventory under the dollar value using the LIFO method?

A: Dollar value LIFO Method: Dollar value LIFO is a method which is basically used for inventory that…