Question

true or false- 1. in a perpetual system, the only acceptable method for computing ending inventory...

true or false-

1. in a perpetual system, the only acceptable method for computing ending inventory is FIFO.

Explain reason in detail.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
QUESTION 38 Which of the following statements is true? a. Assuming perpetual method, LIFO ending inventory...
QUESTION 38 Which of the following statements is true? a. Assuming perpetual method, LIFO ending inventory will be higher than that of when periodic method is used. b. Assuming periodic method, LIFO ending inventory under will be higher than that if perpetual method is used. c. If either perpetual or periodic inventory method is used, FIFO ending inventory and cost of goods sold will be the same.
What is the value ending inventory using a perpetual inventory system and a fifo flow cost...
What is the value ending inventory using a perpetual inventory system and a fifo flow cost assumption
1- Which of the following is false regarding a perpetual inventory system? a.Physical counts of ending...
1- Which of the following is false regarding a perpetual inventory system? a.Physical counts of ending inventory are not needed since inventory records are maintained on transaction-by-transaction basis. b. The balance in the inventory account is updated with each inventory purchase and sale transaction c.Cost of goods sold is increased(recorded) as sales are recorded. d. Inventory shrinkage loss can be detected, if any, when physical counts on inventory are conducted. 2- Jiro Industries uses straight-line depreciation for all of its...
1. Vargas Company uses the perpetual inventory system and the FIFO cost flow method. During the...
1. Vargas Company uses the perpetual inventory system and the FIFO cost flow method. During the current year, Vargas purchased 400 units of inventory that cost $15.00 each. At a later date during the year, the company purchased an additional 800 units of inventory that cost $18.00 each. Vargas sold 500 units of inventory for $27.00. What is the amount of cost of goods sold that will appear on the current year's income statement? Select one: a. $6,000 b. $4,500...
Under the perpetual system of inventory, the cost of merchandise sold is only calculated periodically when...
Under the perpetual system of inventory, the cost of merchandise sold is only calculated periodically when a physical count of inventory is done. True False Which type of control is designed to discover any problems or fraud after it arises? Detective Segregation of Duties Risk Assessment Just-in-Case inventory seeks to create a buffer in inventory against unforeseen shipping delays and unforeseen demand by customers. True False Preventive
Klump Co. Klump Co. uses a perpetual inventory system and had the following inventory transactions for...
Klump Co. Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. June 1 On hand, 50 units at $18.00 each $ 900.00 4 Purchased 115 units at $18.20 each 2,093.00 5                Sold 100 units 10 Purchased 75 units at $18.25 each 1,368.75 24                Sold 50 units Total cost of goods available for sale $4,361.75 30 On hand, 90 units Refer to the information provided for Klump Co. If the company uses...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 25 units at $47 Sale 14 units at $71 First purchase 36 units at $50 Sale 35 units at $73 Second purchase 19 units at $51 Sale 14 units at $73 The firm uses the perpetual...
Determine Trumpana ending inventory and cost of goods sold under the FIFO perpetual basis. Begin by...
Determine Trumpana ending inventory and cost of goods sold under the FIFO perpetual basis. Begin by preparing Trumpana perpetual inventory record under the​ first-in, first-out​ (FIFO) method for the year. Transaction Units Sales in Units Unit Cost Total Cost Beginning inventory 1/1 2,500 $53 $132,500 Purchases March 30 3,000 68 204,000 July 15 850 76 64,600 September 1 3,600 Total available for sale 6,350 $401,100 Units sold September 1 (3,600) Ending inventory 2,750 FIFO: Cost of Cost of Units Unit...
1a Albert Trading uses the perpetual inventory system. It recorded the following transactions for June. 1...
1a Albert Trading uses the perpetual inventory system. It recorded the following transactions for June. 1 Jun Beginning inventory of 20 units at $80 each 3 Jun Purchased 10 units at $85 each 5 Jun Sold 22 units at $120 each 10 Jun Purchased 15 units at $90 each 17 Jun Sold 10 units at $125 each 25 Jun Sold 5 units at $130 each Compute the gross profit and ending inventory cost under FIFO method and under weighted average...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were available for sale during the year: Beginning inventory 20 units @ $44 Sale 7 units @ $62 First purchase 36 units @ $47 Sale 34 units @ $64 Second purchase 18 units @ $50 Sale 9 units @ $65 The firm uses the perpetual inventory system, and there are 24 units of the item on hand at the end of the year. a. What...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT