Continuous determination of inventory ending value and gross profits areavailable in one of the following systemSelect one:a. Periodic Inventory systemb. Perpetual Inventory Systemc. Identification methodd. all the methods indicated as options

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Description: Continuous determination of inventory ending value and gross profits areavailable in one of the following systemSelect one:a. Periodic Inventory systemb. Perpetual Inventory Systemc. Identification methodd. all the methods indicated as options

The inventory valuation is performed differently in different systems.

Business

Accounting

Continuous determination of inventory ending value and gross profits are available in one of the following system Select one: O a. Periodic Inventory system b. Perpetual inventory System c. Identification method d. all the methods indicated as options

Continuous determination of inventory ending value and gross profits are available in one of the following system Select one: O a. Periodic Inventory system b. Perpetual inventory System c. Identification method d. all the methods indicated as options

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 11Q: Describe costing inventory using weighted average. Address the different treatment, if any, that...

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Describe costing inventory using weighted average. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.
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Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual inventory system b. Periodic inventory system c. Both perpetual and periodic inventory systems Required: Match each option with one of the following: 1. Only revenue is recorded as sales are made during the period; the cost of goods sold is recorded at the end of the period. 2. Cost of goods sold is determined as each sale is made. 3. Inventory purchases are recorded in an inventory account. 4. Inventory purchases are recorded in a purchases account. 5. Cost of goods sold is determined only at the end of the period by subtracting the cost of ending inventory from the cost of goods available for sale. 6. Both revenue and cost of goods sold are recorded during the period as sales are made. 7. The inventory is verified by a physical count.
Which inventory system maintains a running record of inventory on hand, purchased,and sold?a. Accruedb. Periodicc. Consignedd. Perpetual
A cost accounting system uses which of the following inventory systems? a.perpetual system b.periodic system c.a hands-on system d.both a periodic and perpetual system
Features of perpetual inventory system
Which of the following inventory cost flow assumptions produces the same ending inventory values under both the periodic and perpetual system? a. FIFO b. LIFO c. Average d. Dollar-value LIFO
Cost of goods sold is debited each time a sale is made under which of the following inventory systems?A. Perpetual systemB. COGS systemC. Periodic systemD. Perpetual and Periodic system
A perpetual inventory system has these characteristics:
Describe a Comparison of the Perpetual and Periodic Inventory Systems
A method of inventory valuation wherein each particular item in the ending inventory isvalued on the basis of the replacement price, in the volume in which they are usuallypurchased or produced by the a. Moving average inventory method.b. Market inventory method.c. Elapsed time inventory method.d. Perpetual inventory method.