A. Prepare two sets of journal entries using the periodic inventory method and perpetual inventory system.

Q: How do you enter an adjusting entry for Inventory?

A: Inventory adjustment Fluctuation in the inventory is a serious issue for a business entity. The…

Q: How do you find the ending inventory?

A: Many companies earn revenue by selling inventory rather than a service. These companies are…

Q: Can you help me undetstand Periodic Inventory by Three method, any simple example will do?

A: Answer: As per periodic inventory method of inventory system inventory is being counted at the end…

Q: Continuous determination of inventory ending value and gross profits are available in one of the…

A: The inventory valuation is performed differently in different systems.

Q: In the Purchasing Process - Level 0 Diagram, a data flow called "inventory's purchase requisition"…

A: The purchasing process, also known as the procurement process, refers to the series of activities…

Q: The Inventory account balance appearing in a perpetual inventory worksheet represents the

A: The products and materials that a company keeps on hand with the intention of reselling, producing,…

Q: A cost accounting system uses which of the following inventory systems? a.perpetual system…

A: Inventories are assets that are sold, purchased, and manufactured in an organization as a core…

Q: oods purchased and held for resale are commonly known as _____. perpetual inventoryperiodic…

A: Periodic Inventory System: The periodic inventory system records and updates the inventory at the…

Q: an entry for a purchase return will include a. a debit to inventory b. a debit to sales returns and…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Describe a  Comparison of the Perpetual and Periodic Inventory Systems

A:

Q: When recording a purchase of inventory on credit, which of the following correctly identifies the…

A: The objective of this question is to identify the correct debit and credit entries when recording a…

Q: When recording purchase returns and purchase allowances under the periodic inventory system, what…

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

Q: Explain the types of inventory and the differences between a perpetual inventory system and a…

A:

Q: Define Perpetual inventory system.

A: A perpetual inventory system updates and records the transaction as and when it occurs either at the…

Q: Which inventory system records both sales and cost of goods sold at the point of sale? Group of…

A: There are different types of inventory system being used depending the record of pricing and record…

Q: How do you calculate desired ending inventory and estimated beginning inventory?

A: Ending/Closed inventory is the total value of products that are completed or work in progress…

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: Describe the integration of the Inventory Ledger with the Payables, Receivables and General Ledgers.

A: Solution:- Introduction:- An integrated accounting system is application software in which all the…

Q: Describe the backflushing or post-deduct system of inventory recordkeeping

A: Backflushing is also known as the post-deduct system. When a product is shipped out of stock or used…

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.