The amount shown in the adjustments credit column for Merchandise Inventory on the worksheet​ is:   A.Cost of Goods Sold.   B.total purchases.   C.ending inventory.   D.beginning inventory.

Q: 1. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period,…

A: In inventory valuation, There are three methods of valuation of inventory. They are: 1. First in…

Q: 6. when a cormpany returns merchandise previously purchased on account, the entry to record the…

A: Hi student Since there are multiple questions, we will answer only first question. Whenever business…

Q: Which account balance is NOT used to compute the cost of goods sold? a.Merchandise Inventory…

A: Formula: Cost of goods sold = Beginning Merchandise inventory + Net Purchases - Ending Merchandise…

Q: In the Adjustments columns of the work sheet, record the following adjusting entries: • For…

A: Trial balance: It is worksheet which shows all the accounts an organization has like assets,…

Q: Which of the following statements regarding the perpetual FIFO inventory method is true? O a. Unit…

A: Inventory Valuation: Inventory Valuation Methods are used to determine the cost of goods sold and…

Q: a) Given that Weber Inc. employs a perpetual inventory system, calculate the cost of goods available…

A: One accounting method that uses computerized point-of-sale devices to continuously record inventory…

Q: When the perpetual inventory system is used, the inventory sold is debited to a. Cost of Merchandise…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Total goods available for sale is equal to  a. the sum of ending inventory and net purchases. b.…

A: Beginning inventory + Net purchases = Cost of goods sold + Ending inventory Total cost of goods…

Q: Which of the following accounts is used in the periodic inventory system but not used in the…

A: Periodic inventory system:   A periodic inventory system is one of the forms of inventory valuation.…

Q: The journal entry to record the return of inventory purchased on credit under a periodic inventory…

A: One of the main feature of periodic system of inventory is all the adjustments are made at end of…

Q: 1. Under the perpetual inventory system, in addition to making the entry to record a sales return, a…

A: Note: “Since you have asked multiple question, we will solve the first question for you. If you want…

Q: Compute for the cost of ending inventory and cost of goods sold using: a. FIFO - periodic b.…

A: The following computations are done for Extreme Company.

Q: What is the normal balance of the following accounts: (a) Cost of Merchandise Sold, (b) Customer…

A:

Q: How is merchandise inventory classified on the balance sheet and what is its normal balance of…

A: Merchandise inventory is a current Asset as it is expected to be sold within 12 months from the…

Q: Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted…

A: Introduction: The Income Statement is a fundamental financial statement that displays a company's…

Q: 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period,…

A: Periodic Inventory System:- It is a system in which inventory is valued at a specific period of…

Q: At the end of the accounting period, the correct entry in the general journal to adjust for…

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: 8. Under a perpetual inventory system, the adjusting entry to account for inventory shrinkage would…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Which of the following accounts will not be found in the cost of merchandise sold section of the…

A: Income statement: The income statement is a financial statement that shows the net income earned or…

Q: The journal entry to record a merchandise sold to customers on credit under periodic inventory…

A: Periodic inventory system is an inventory system in which all purchase and sale transactions related…

Q: Gross profit is calculated as the difference between net sales revenue and​ ________.         A.…

A: Revenue- Revenue refers to the quantity of cash that a corporation actually received during the…

Q: Using the following letters to represent items: P = purchases (net) C = cost of good sold B =…

A: We know, Ending inventory = Begining inventory + Purchases - Cost of good sold E = B + P - C

Q: Requirements a. At what amount was Cost of Goods Sold reported in the company's year-end income…

A: A perpetual inventory system is an inventory recording method in which the inventory transaction is…

Q: Which account will be debited to record the purchase of merchandise on credit under periodic…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Fill in the blanks in the following separate Income statements a through e. (Amounts to be deducted…

A: Solution: Income statement is one of the financial statement of company that shown income and…

Q: When merchandise sold is assumed to be in the order in which the purchases were made, the company is…

A: “Since you have asked multiple questions, we will solve the first question for you.  If you want a…

Q: Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: Determine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a)…

A: Gross Profit is the difference between Sales and COGS. Gross profit indicates how much profit…

Q: Assuming that the amount of the physical count of the stock of merchandise is less than the recorded…

A: Perpetual Inventory System:- It is a system where inventory purchases and returns are recorded…

Q: Determining the Beginning and Ending Inventory from a Partial Sp Periodic Inventory System From the…

A: The term inventory refers to both the raw materials in the manufacture and the finished goods that…

Q: Normal balances of merchandise accountsWhat is the normal balance of the following accounts: (a)…

A: Merchandise business is that form of business in which seller purchases goods from some other person…

Q: Using a perpetual inventory system, the entry to record the sale of merchandise on account includes…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

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: When using a perpetual inventory system, the journal entry to record the Cost of Merchandise Sold is…

A: Option a.

Q: In Perpetual inventory system the loss of goods is included in a. Sales b. Closing stock c.…

A: The perpetual inventory system is a type of inventory valuation in which the inventory sold and…

Q: (A) Using the FIFO assumption, calculate the amount charged to cost of goods sold, the value of the…

A:

Q: Under the periodic inventory system, the journal entry to record the purchase of merchandise…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: Presented below are the components in determining cost of goods sold. Determine the missing…

A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Q: If the balance in the inventory account is greater than the physical count, which of the following…

A: When inventory is found to be greater than physical count , we need to increase inventory. For…

Q: Under the perpetual inventory method, what account is credited when adjusting for the estimated cost…

A: Perpetual inventory system is the system of maintaining the inventory records perpetually throughout…

Q: For (a) through (d), identify the items designated by X and Y.a. Purchases 2 (X 1 Y) 5 Net…

A: Identify the item X and Y:(a)Purchases - (Purchase discounts + Purchase returns and allowances) =…

Q: Which of the following accounts has a normal debit balance? a.Accounts Payable b.Sales c.Interest…

A: Accounts Payable: Accounts Payable means money owed by a company to its creditors. It is an current…

Q: When merchandise is bought for​ resale, which of the following accounts would be​ increased?   A.…

A: Merchandise: It can be defined as any type of manufactured goods which may include commercial or…

Q: The cost of goods sold is based on the oldest purchases under which method of calculating inventory…

A: Solution: There are various methods of inventory valuation. These are FIFO, LIFO, Average cost…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.