37.What inventory system would you expect to find in the following situations? A. Diamond ring department of a jewelry store B. Hardware and construction supplies store C. Drugstore chain D. Automobile dealerships - new car department   a. Perpetual for A, B and D; Periodic for C b. Perpetual for A and C; Periodic for B and D c. Perpetual for A and D; Periodic for B and C d. Perpetual for A, B and C; Periodic fo

Q: 45. Which of the following statements islare false about the steps in a purchase transaction? * 1.…

A: Normally a purchase transaction has the following steps:  The first step is to knowing the required…

Q: Which of the following items would be included in the inventory account of a manufacturing concern?…

A: The inventory is the cost of goods that are available to be sold during the period.

Q: In a store, merchandise is classified by a number (1, 2, or 3) and a letter (A or B). The…

A: Step 1:Based on given data, create below tree diagram. Step 2:Now need value of P (type 1) From tree…

Q: Name the special journal which is used to record the credit sales transactions of a merchandising…

A: Correct answer is ( d )Sale daybook Explanation A sales book is also known as sales day book is a…

Q: moWhen recording a purchase of inventory on credit, which accounts are typically affected?   A)…

A: Under double entry system of book keeping one account is debited and other is credited.The Assets…

Q: perpetual inventory

A: Perpetual inventory system is an inventory tracking system in which sales and purchases are recorded…

Q: Identify whether each description best applies to a periodic or a perpetual inventory system.…

A: An inventory system is a method used by businesses to keep track of their inventory, which includes…

Q: 31-Which of the following would normally be classified as a Selling expense of Merchandising…

A: 31. d. Advertising expense

Q: Ali is planning to implement an inventory control system where the store's ledger should show the…

A: The Inventory system that should be used for regular updation of store ledger account showing…

Q: Which of the following statements is true about the periodic inventory system? Question 2Select one:…

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Q: ) Is the accounting cycle in a merchandising operations different from a service operations?…

A: 1) yes the accounting cycle in a merchandising operations is different from a service operations .…

Q: Cars, appliances, and fine jewelry would all typically use which of the following inventory methods?…

A: The question is related to Pricing of the inventory. As Cars, appliances, and fine jewelry all are…

Q: Amex Stores should include which of the following items in its inventory at the statement of…

A: solution concept we should always consider the following points while valuing the inventory goods…

Q: 10.Which of the following statement(s) is (are) true about the perpetual system. A. Physical count…

A: Before answering we must know the meaning of the Perpetual System. Meaning of Perpetual System: An…

Q: Which one of the following methods can be applied in situations where different purchases can be…

A: Firsts in first out (fifo)  - It is a method under which item purchased first will be disposed/sold…

Q: Exccutive ventory record for each of the 60 types of products the company kceps in stock. The…

A: Last in First Out Method of Inventory Valuation: It is based on the assumption that the last item of…

Q: Of what significance is inventory turnover to a retail store?

A:

Q: system perpetual physical etail periodic

A: Physical inventory system has a fixed schedule to manually and physically count the items of…

Q: 4. One of the primary objectives of inventory controls is: Select one: A. Safeguarding inventory…

A: Inventory controls are controls designed to ensure the right amount of Inventory is available for…

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: In a merchandising (retail) type businesses, how can you use the periodic inventory method and still…

A: Retailing is a business activity under which no middlemen is required to sell the goods to the…

Q: QUESTION 9 The entry to record the company's cost of selling merchandise under a perpetual inventory…

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

Q: 124. Which of the following businesses is most likely to use a periodic inventory system? A. An…

A: The periodic inventory method involves physically counting and recording inventory at specific…

Q: In a perpetual inventory system, the actual amount of inventory on hand may differ from what the…

A: Inventory refers to the raw materials or stock that are available for purchase or manufacture. Three…

Q: discuss which inventory valuation methods would most likely be used by the following businesses and…

A: Inventory valuation means identifying the stock in an organisation and finding its financial value…

Q: 50) dentify the special journal is to be used to record the credit purchases of a merchandising…

A: Special journals are the main books in which business transactions are recorded first, then they got…

Q: Which of the following included in the buyer's cost? A. All the descriptions are tight. B. Insurance…

A: Inventory cost refers to the cost that is related to the business associated with the holding…

Q: Which of the following items should be included in a company's inventory at the balance sheet date?…

A: Inventory is the current asset which is being held by the entity for the purpose of sale.

Q: The tracking of inventory shrinkage due to theft, damage, or errors is completed with the help of a…

A: (A) physical CountThe tracking of inventory shrinkage due to theft, damage or error is completed…

Q: 1. ABC Enterprise is a grocery store that sells high volume but relatively low-priced items. The…

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

Q: Question 5 The General Ledger entry w DB: Cost of Goods Sold DR:Cort st of Good Sold:

A: General ledger is a book that consists of 5 accounts namely, Income, expense, assets, liabilities…

Q: merchandising company in QBO? Select one: O O O O a. Inventory b. Other asset c. Other current asset…

A: Inventory is accounted for as an assets, Which means It will shows in Companies Balance sheet.…

Q: recording this transaction, and assuming a perpertual inventory system is used, the journal entry…

A: The journal entries are prepared to record the transactions on regular basis. The assets and…

Q: Shipments of inventory to the branch may be billed at other than cost. When billing prices are above…

A: Introduction:- Branch Accounting is the different type of bookkeeping or accounting.…

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.