Choos only the LETTER of answer:    1. Merchandise shipped FOB shipping point on the last day of the year should ordinarily be included in *     a. The seller's inventory balance b. The buyer's inventory balance c. Neither the buyer's nor seller's inventory balance d. Both the buyer's and the seller's inventory balance

Q: Prepare journal entries for October, 2023 to record the following transactions for Benson Inc.…

A: Perpetual inventory system is one of the important system used for inventory. As per this systems,…

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A: There are two type of inventory system follows by the organizations i.e. Periodic inventory system…

Q: What is the major difference between a periodic and a perpetual inventory system? Oa. Under the…

A: The question is related to Inventory Management. In Perpetual Inventory system the merchandise…

Q: Taking a physical count of inventory Oa. is not necessary when a perpetual inventory system is used…

A: Under the perpetual inventory system, inventory is recorded on every inventory transaction. So a…

Q: Cost of goods sold is determined only at the end of the accounting period in a perpetual inventory…

A: Periodic inventory system :The periodic inventory system is a method of ascertaining inventory by…

Q: When is a physical inventory usually taken? O When the company has its greatest amount of inventory…

A: Physical inventory: It is a process of actual counting of the goods in stock. These counted goods…

Q: wing accounts would appear on a worksheet for a mechandising e periodic inventory system? sold ary…

A: All of the accounts will be presented and considered on a worksheet for a merchandising entity Cost…

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…

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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…

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Q: Under the Government Accounting Manual, what method is used in computing the ending inventory of…

A: There are different methods available for the valuation of the inventory is available. for most of…

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: Which of the ff needs an adjustment to the A/R account of ABS company? a. goods in transit of the…

A: Under the FOB destination point sale, the seller can record its sales only after the buyer takes the…

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A: how do omission of incomes and expenses affect the income statement -   ** if the omission is done…

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A: ANSWER: From the following above question some items should be treated as inventories other or non…

Q: Which of the following statements is correct? O Cost of goods sold computed under a periodic system…

A: Lets understand the basics.There are two inventory methods are followed which calculating inventory…

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: Under periodic accounting system, when merchandize is sold, entry is posted in which account? *…

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

Q: a. Goods counted in the physical inventory b. Provincial sales tax on the amount in a. C. Federal…

A: The objective of the question is to calculate the ending inventory value. The ending inventory value…

Q: Physical counts of inventory: O a. Must be taken at least once a month. O b. Are not necessary under…

A: A physical count of inventory means having an actual count of inventory despite maintaining…

Q: What is merchandise on hand (not sold) at the end of an accounting period? It is a/an _____________.…

A: Accounting period: Accounting period refers to a time period in which the business transactions are…

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

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Q: a. Explain TWO differences between the perpetual and the periodic systems.  b. How do we record a…

A: Perpetual Inventory System : In this system, inventory is tracked continuously at each movement. The…

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A: The inventory under the periodic inventory system does not modify continuously but at the end. The…

Q: Which of the following should be included in the ending inventory of a company? Goods held on…

A: FOB(Free on board) shipping vs FOB destination, in the case of FOB shipping the title of ownership…

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Q: a. Cost of merchandise sold b. Inventory, September 30

A: Table for the above transactions is as follows:

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A: Ending inventory is the price of the goods still in stock at the end of a reporting period. The…

Q: not use ai please

A: A. Goods sent to another company to be sold on consignment (company is the principal): These goods…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.