Please assist with (i) - Periodic inventory system and Perpetual inventory system. Thanks
Q: What are the important factors in using a perpetual inventory system?
A: There are two types of inventory systems: Perpetual and Periodic.
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A: Inventory adjustment Fluctuation in the inventory is a serious issue for a business entity. The…
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A:
Q: Valuing Inventory and Recording Entries Using Relative Sales Value Method
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A: Under Perpetual inventory system, Inventory account is updated to each purchase and sale and…
Q: Which of the following are characteristics of a perpetual inventory system? (a). Management knows…
A: There were two types of inventory systems to record and maintain inventory. 1. Periodic…
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A: The inventory valuation is performed differently in different systems.
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A: Preparation of the journal entries is the first step in the double-entry system of bookkeeping.…
Q: Which inventory system maintains a running record of inventory on hand, purchased,and sold?a.…
A: Answer: Option d
Q: Before inventory purchases are recorded, the receiving report should be reconciled to what…
A: Inventory refers to the raw materials, work-in process, and the finished goods products that are…
Q: Explain whether the physical inventory should be equal to the amount indicated by the inventory…
A: Solution Concept Perpetual inventory system : The inventory system where the inventory records are…
Q: Define Periodic inventory system.
A: Periodic inventory is a system of inventory in which updates are made on a periodic basis. This…
Q: Determine the ending inventory under a perpetual inventory system using Moving Average and LIFO…
A: Inventory valuation refers to the valuation of inventories using the valuation methods such as FIFO…
Q: Required: Hemming uses a perpetual inventory system. 2. Determine the costs assigned to ending…
A: LIFO is the inventory valuation method in which inventories purchased at last will be sold first in…
Q: a. Journalize the April transactions using a perpetual inventory system.
A: Journal is a book used to record the transactions of events happening for a firm. In journal these…
Q: Show the necessary computation in perpetual inventory system Invoice VAT 12%
A: Journal Entry The purpose of providing the journal entry to enter the required transaction into…
Q: Journalize the following transactions using periodic inventory method
A: Journal Entry The basic process of accounting is to journalize the required transaction into debit…
Q: Explain how a periodic inventory system operates.
A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…
Q: Features of perpetual inventory system
A: Required Features of perpetual inventory system?
Q: Need to know how to get ending inventory for JAFFE on a corrected income statement for NPV
A: This question is related to the ending inventory before moving into the question first we know about…
Q: Required:
A: The inventory to be valued at the year end has two system mainly perpetual and periodic. Under the…
Q: accou method at the end of each period, as if it uses a periodic inventory system. Assume its…
A: Given : Transactions Units Unit Cost Beginning inventory, January 1 200 $ 30 Transactions…
Q: Required Journalize the transactions for Titu library, whrer they are using perpetual inventory…
A: Under perpetual inventory system inventory is recognized as and when purchase is occurred and when…
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: Prepare appropriate journal entries assuming KJ Company uses a perpetual inventory system.
A: Journal entry: It is a systematic record of a financial transaction of an organization recorded in…
Q: Explain how the sale of inventory on account is recorded under a periodic system. How does this…
A:
Q: Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending…
A: Answer FIFO (First in first out) It is the method of recording inventory in which we assume that the…
Q: Use the information in the account records on the Inventory tab to calculate the total cost of…
A: FIFO means First In, First Out. That means the cost of ending inventory comprises of cost of…
Q: Describe the journal entry(ies) when recording a sale of inventory using the periodic inventory…
A: In a periodic Inventory system, the entries are made in the system at the end of the accounting…
Q: In the basic technology system, the inventory control clerk reviews the purchase requisition file to…
A: Inventory purchase procedure: This procedure takes into account the functions relating to…
Q: A. Prepare two sets of journal entries using the periodic inventory method and perpetual inventory…
A: A periodic inventory system states that the inventory would be counted periodically. Whereas, the…
Q: Journalize each of the following transactions assuming a perpetual inventory system.
A: For journal entries for the above transaction, refer below
Q: Explain the inventory accounting system.
A: Inventory accounting is the body of accounting that used to valuing and accounting for changes in…
Q: A perpetual inventory system has these characteristics:
A: Perpetual inventory is a technique in which the sale and purchases of stocks are recorded with the…
Q: Please record the entries for the inventory purchase transactions below (Perpetual Inventory System)
A: A Perpetual Inventory system is a method is used for recording inventory balance after each receipt…
Q: Under this inventory system, the “Inventory” account is updated each time a purchase or sale is…
A: Solution: Under perpetual inventory system, inventory is updated with every purchase and sale. Cost…
Q: Using the chart of accounts, prepare a journal entry under periodic inventory system. Thank you!
A: Periodic inventory system is that inventory system in which all transactions related to inventory…
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A: Adjusted for change in Inventory valuation Method
Q: What is the main difference between a perpetual inventory system and a periodic inventory system?
A: Periodic inventory system: The method or system of recording the transactions related to inventory…
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: Under the perpetual inventory system, in addition to making the entry to record a sale, a company…
A: In Perpetual inventory system, inventory gets updated on real time basis which means inventories are…
Q: Discuss how discounts are recorded in a perpetual inventory system, and compare how discounts are…
A: There are two methods to determine the inventory of the company purchased. 1. Perpetual inventory…
Q: Prepare journal entries to record the transactions, assuming perpetual inventory system.
A: Journal Entries: are the first recording of any transaction in the books of accounts. These entries…
Q: Differentiate between perpetual and periodic Inventory system.
A: Perpetual inventory system refers to the method of inventory management which records the real-time…
Please assist with (i) - Periodic inventory system and Perpetual inventory system. Thanks
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- Classique Designs sells a variety of merchandise, including school shoes for girls. The businessbegan the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000.The following transactions, relating to the “Aerosoles” brand were completed during the quarter:October 3 Purchased 45 pairs of shoes at a cost of $1,900 each.October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a tradediscount of 5%.November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000.November 14 Owing to an increased demand for this brand, the manager of Classique purchased80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionallythere was freight charge of $100 on each pair.November 24 Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.November 30 A physical stock count on that date revealed that there were 42…So What sells a variety of merchandise, including school sandals for girls. The business began the last quarter of 2013 with 30 pairs of the “Solar” brand at a total cost of $54,000. The following transactions, relating to the “Solar” brand were completed during the quarter: October 3 Purchased 45 pairs of sandals at a cost of $1,900 each. October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780 October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%. November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000. November 14 Owing to an increased demand for this brand, the manager of So What purchased 80 additional pairs of the “Solar” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. November 24 Sold 60 pairs of sand to Big Buy Company at a price of $3,600 each. November 30 A physical…So What sells a variety of merchandise, including school sandals for girls. The business began the last quarter of 2013 with 30 pairs of the “Solar” brand at a total cost of $54,000. The following transactions, relating to the “Solar” brand were completed during the quarter: October 3 Purchased 45 pairs of sandals at a cost of $1,900 each. October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780 October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%. November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000. November 14 Owing to an increased demand for this brand, the manager of So What purchased 80 additional pairs of the “Solar” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. November 24 Sold 60 pairs of sand to Big Buy Company at a price of $3,600 each. November 30 A physical…
- Classique Designs sells a variety of merchandise, including school shoes for girls. The business beganthe last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter: October 3 Purchased 45 pairs of shoes at a cost of $1,900 each. October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780 October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%. November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000. November 14 Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. November 24 Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each. November…Classique Designs sells a variety of merchandise, including school shoes for girls. The business beganthe last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter: October 3 Purchased 45 pairs of shoes at a cost of $1,900 each. October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780 October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%. November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000. November 14 Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. November 24 Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each. November…Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter: October 3 Purchased 45 pairs of shoes at a cost of $1,900 each October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780 October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%. November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000 November 14 Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. November 24 Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each. November 30 A physical…
- Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter: October 3 Purchased 45 pairs of shoes at a cost of $1,900 each. October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780 October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%. November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000. November 14 Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. November 24 Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each. November 30 A physical…Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter: October 3 Purchased 45 pairs of shoes at a cost of $1,900 each. October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780 October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%. November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000. November 14 Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. November 24 Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each. November 30 A…Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter: October 3 Purchased 45 pairs of shoes at a cost of $1,900 each October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780 October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%. November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000 November 14 Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. November 24 Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each. November 30 A physical…
- Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter: October 3 Purchased 45 pairs of shoes at a cost of $1,900 each. October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780 October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%. November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000. November 14 Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. November 24 Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each. November 30 A physical…Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter: October 3 Purchased 45 pairs of shoes at a cost of $1,900 each. October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780 October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%. November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000. November 14 Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. November 24 Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each. November 30 A physical…Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter: October 3 Purchased 45 pairs of shoes at a cost of $1,900 each October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780 October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%. November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000 November 14 Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. November 24 Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each. November 30 A physical…