The inventory system in which merchandise is physically counted at least once a year to determine the value of the goods available for sale is called a(n) _____ inventory system. merchandisebook     perpetualperiodic

Q: Under a perpetual inventory system a. accounting records continuously disclose the amount of…

A: Under the perpetual inventory system, purchases and sales are continuously updated to the inventory.

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

A: Question is of Last -in, First - out method.  So, when units are sold on September 5, there were…

Q: All descriptions reveal the characteristics of a periodic inventory system, EXCEPT: Merchandise…

A: The correct option is: Inventory record is always up-to-date

Q: Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

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: Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the…

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

Q: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a)…

A: In the perpetual inventory system transaction of consumption/ sales of inventory is recorded and…

Q: nstructions 1. Determine the inventory on March 31 and the cost of merchandise sold for the…

A: There are 3 types of methods for inventory valuation: a.FIFO b. LIFO c. Weighted average FIFO: In…

Q: Beginning inventory, purchases, and sales for Item CSW15 are as follows: August 1 Inventory 104 15…

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

Q: Using the following data taken from Hsu's Imports Inc. which uses a periodic inventory system to…

A: Periodic Inventory System: Under this system, the balance of the merchandise inventory is not…

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

A: Introduction:- FIFO means First-in-first-out It is one of the inventory valuation method. As per…

Q: SM Supermarket makes use of the retail method in estimating its interim inventory balance. The…

A: Step 1 Retail inventory method is used by retailers that resell merchandise to estimate their ending…

Q: Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing…

A: LIFO:LIFO stands for land in, first out. It is inventory valuation method in which the latest…

Q: Prepare the journal entries to record the following transactions on Pharoah Company’s books using a…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: 46. When a company uses the periodic inventory system in accounting for its merchandise inventory,…

A: Inventory is one of the important current asset of the business. It includes inventory of raw…

Q: Assume that a perpetual inventory system is used and the records indicate that$191,400 of…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: A company using the periodic inventory system has merchandise inventory costing $247 on hand at the…

A: Periodic inventory system: Periodic inventory system is a system, in which the inventory is updated…

Q: Required information [The following information applies to the questions displayed below.] Nix'It…

A: Opening Inventory = $38,800 . Closing Inventory = $ 37,550

Q: A company that uses a perpetual inventory system purchased inventory on account and later returned…

A: Under perpetual inventory system, inventory account is used instead of purchases account. For every…

Q: Determine the cost of goods sold for the transaction on October 25 using the perpetual inventory…

A: Correct answer is – b.$137  Compute total units and total units sold for the period as shown below:

Q: Under the perpetual inventory system, the Cost of Good Sold account is recorded … a. When purchases…

A: Perpetual Inventory System:- It is a system in which inventory gets recorded continuously and…

Q: Required information [The following information applies to the questions displayed below.] Nix'It…

A: Inventory- A manufacturing company's inventory is a crucial current asset. Inventory is the actual…

Q: Assume that Marigold Corp. uses a periodic inventory system and has these account balances:…

A: Calculate net purchases.

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

A:

Q: A company that uses a perpetual inventory system purchased inventory on account and later returned…

A: Perpetual inventory system: It is a method of inventory management that records real time…

Q: The balance of a perpetual inventory system at any given time is the _____ inventory. It must be…

A: In a perpetual inventory system, the inventory is revised after every transaction i.e. inventory is…

Q: Assuming a periodic inventory system is used, the journal entry to record the purchase of…

A: Let's understand some basics Merchandise is the term used to refer to any goods purchased for the…

Q: Assume that a perpetual inventory system using the NET METHOD is in use. Which of the following…

A: Step 1: As per the net method of perpetual inventory system, when a customer will return the goods…

Q: Some of the transactions of Torres Company during August are listed below. Torres uses the periodic…

A: “Hey, since there are multiple questions posted, we will answer first question (part a). If you want…

Q: Which of the following accounts would be closed at the end of the year using the perpetual inventory…

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

Q: Typically, a significant current asset for a merchandiser is (merchandise inventory) . The…

A: Solution- 1-The safeguarding of merchandise inventory includes taking Physical inventory at least…

Q: A company using a periodic inventory system neglected to record a purchase of merchandise on account…

A: Understated, No effect

Q: Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the…

A: Cost of Goods Sold(COGS) is total which is incurred by business firm to produce the trading product…

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: Computers's Merchandise Inventory account at​ year-end is showing a balance of $43,000. The…

A: Journal entry is a process of recording business transactions in the books of accounts for the first…

Q: The following units of an inventory item were available for sale during the year. Use this…

A: FIFO method of costing inventory states that the items purchased first will be sold out first, and…

Q: Under the perpetual system of inventory, the Inventory account is debited at each purchase and…

A: Perpetual Inventory System:-it is a system of inventory valuation where inventory gets calculate on…

Q: For each of the following scenarios, determine the inventory amount that should be reported on the…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Which of the following accounts would be closed at the end of the year using the perpetual inventory…

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

Q: If a company uses a periodic inventory system, which of the following entry or entries are required…

A: When a physical inventory count is done, a periodic inventory system simply updates the general…

Q: Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System Ibby Smith owns…

A: Journal entry become a base for the preparations of Ledgers accounts. After the preparations of…

Q: Under the perpetual inventory system, all purchases of merchandise are debited to the account…

A: Perpetual inventory system: It is a method of inventory management that records real time…

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: Irene uses a calendar-year accounting period and a periodic inventory system. Assume Irene had the…

A: Effects of given situations is as follows:

Q: The following units of an inventory item were available for sale during the year. Use this…

A: Solution: Ending inventory units = Total units - units sold = (10 + 25 + 30 + 15) - 60 = 80 units -…

Q: Required information [The following information applies to the questions displayed below.] Nix'lt…

A: Inventory shrinkage refers to when the actual inventory as per physical verification is less than…

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.