Question
Asked Oct 5, 2019

How do you calculate periodic and perpetual inventory?

check_circleExpert Solution
Step 1

The periodic system considers the manual count of the inventory to calculate the ending inventory balance and the cost of goods sold (COGS). Under this method, the inventory is valued at the end of the period.

Under this system, the inventory is calculated at the end of the period by taking the s...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour*

See Solution
*Response times may vary by subject and question
Tagged in

Business

Accounting

Related Accounting Q&A

Find answers to questions asked by student like you

Show more Q&A add
question_answer

Q: how do I calculate ending inventory for FIFO, LiFO, and average. I am working on problem p7-2  page ...

A: There are 3 methods for the valuation of inventory: First in, first Out Method:First in, first Out M...

question_answer

Q: b My Questions bartleby + References X Camden County College Chapter 3 Quiz College Ha http://camden...

A: Formula to calculate units were started into production during the month:units were started into pro...

question_answer

Q: 6. During 2019, Reed Corporation sold merchandise for a total of $900,000. The cost of merchandise t...

A: A sales discount represents a reduction, not in the selling price of the product or service, but in ...

question_answer

Q: The following list includes selected permanent accounts and all of the temporary accounts from the D...

A: Definition of Adjustment entries and Closing Entries:Adjustment Entries are recorded to update the a...

question_answer

Q: Im not sure what this problem is asking for, Inalready figured out step one. 70,000 x 20%= 14,000 an...

A: The probability of expected cost saving is 20% of $20,000, so, the transaction price is calculated a...

question_answer

Q: A payroll of $100,000 was earned for work perform by construction workers tru December 31,2010. The ...

A: Definition of Accrued Expenses:Accrued Expenses is an expenses which has been incurred but not yet p...

question_answer

Q: If an amount box does not require an entry, leave it blank. a.  In the T accounts, record the ...

A: a. Prepare T-accounts for Potter pool services for the transactions as shown below:

question_answer

Q: Analyzing and Reporting Financial Statement Effects of Bond TransactionsWinston Inc. reports financi...

A: Complete the financial statement effects template to reflect the given events:

question_answer

Q: On June 30, 2016, a flash flood damaged the warehouse and factory of Padway Corporation, completely ...

A: Gross profit method of inventory helps in calculating the ending inventory. Following steps helps us...