Ivanhoe Company uses the perpetual inventory system. It began operations in October. October through December, the accounting information system shows that purchases of $68800 were made. Ivanhoe returned goods with a cost of $3700. Inventory with a cost of $51300 was sold during the three months. These were the only inventory transactions during the period. A physical count of inventory at the end of December reported total inventory of $10900 remains on hand. An adjustment to bring the perpetual inventory count in line with the physical count would include a debit to Inventory Over and Short (or Cost of Goods Sold) for O $5800. O $2900. O $800. O $6000.
Ivanhoe Company uses the perpetual inventory system. It began operations in October. October through December, the accounting information system shows that purchases of $68800 were made. Ivanhoe returned goods with a cost of $3700. Inventory with a cost of $51300 was sold during the three months. These were the only inventory transactions during the period. A physical count of inventory at the end of December reported total inventory of $10900 remains on hand. An adjustment to bring the perpetual inventory count in line with the physical count would include a debit to Inventory Over and Short (or Cost of Goods Sold) for O $5800. O $2900. O $800. O $6000.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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![Ivanhoe Company uses the perpetual inventory system. It began operations in October. October through December, the accounting
information system shows that purchases of $68800 were made. Ivanhoe returned goods with a cost of $3700. Inventory with a cost
of $51300 was sold during the three months. These were the only inventory transactions during the period. A physical count of
inventory at the end of December reported total inventory of $10900 remains on hand. An adjustment to bring the perpetual
inventory count in line with the physical count would include a debit to Inventory Over and Short (or Cost of Goods Sold) for
O $5800.
O $2900.
O $800.
O $6000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0f20cc49-c768-43e6-a9c4-6f0d40e2f4fd%2F483e1afc-c4f3-40fb-871b-c0295d705b04%2F6rhoqjw_processed.png&w=3840&q=75)
Transcribed Image Text:Ivanhoe Company uses the perpetual inventory system. It began operations in October. October through December, the accounting
information system shows that purchases of $68800 were made. Ivanhoe returned goods with a cost of $3700. Inventory with a cost
of $51300 was sold during the three months. These were the only inventory transactions during the period. A physical count of
inventory at the end of December reported total inventory of $10900 remains on hand. An adjustment to bring the perpetual
inventory count in line with the physical count would include a debit to Inventory Over and Short (or Cost of Goods Sold) for
O $5800.
O $2900.
O $800.
O $6000.
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