: of a wholesale business that doe naintain perpetual inventory rds. Cravens has observed the

Q: The moving average inventory cost flow assumption is applicable to which of the following inventory…

A: Following each inventory purchase, the moving average inventory technique recalculates the average…

Q: Exercise 6: Job Order Costing - Journal Entries and Simple Cost Sheet Based on the following…

A:

Q: Which inventory system maintains a running record of inventory on hand, purchased,and sold?a.…

A: Answer:   Option d

Q: In some instances, accounting principles require a departurefrom valuing inventories at cost alone.…

A: Lower-of-cost-or-net realizable value: The lower-of-cost-or-net realizable value (LCNRV) is a method…

Q: Which of the following statements about merchandisingactivities is true? (More than one answer may…

A: Merchandising activities means activities of purchase and sale of goods that are ready for sale.…

Q: Which inventory method is least likely to be used under IFRS? B . Last in, fi rst out (LIFO).

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: What is the main distinction between perpetual and periodic inventory systems? Which type of system…

A: Explain the main distinction between perpetual inventory system and periodic inventory system and to…

Q: Which inventory costing method is almost always done on a perpetual basis?A. specific…

A: There are two type of inventory systems that are being used. One is perpetual inventory system and…

Q: Given the following: Number Cost purchased per unit Total January 1 inventory April 1 35 $ 3 $ 105…

A: Under FIFO method i.e First in First Out method, the inventory which is purchased first will be sold…

Q: Which of the following inventory cost flow assumptions produces the same ending inventory values…

A: Periodic inventory system is a system where inventory records are updated on a periodic basis but in…

Q: A small manufacturing or trading concern maintains its inventory on which system   a. Average…

A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and…

Q: For commercial reasons, a weighted average and inventory system from lifo fifo should be considered.

A: The LIFO (Last in, first-out) The LIFO accounting method is used to value inventory. This method is…

Q: Cost of goods sold is debited each time a sale is made under which of the following inventory…

A: The carrying value of the goods that are sold during a given period of time are termed as cost of…

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: Which of the following inventory cost flow assumptions produces the same ending inventory values…

A: Periodic Inventory System : In periodic inventory system ending balance of inventory will be updated…

Q: JIBT DISTRIBUTORS APRIL 1 The business, JIBT DISTRIBUTORS, was registered as a single…

A: JIBT Distributors         Journal Entries         (Perpetual Inventory System)   (Amount in P)…

Q: The primary purpose for using an inventory cost flowassumption is to:a. Parallel the physical flow…

A: Inventory cost flow assumptions: These are the assumptions including FIFO, LIFO, and weighted…

Q: Addison, Inc. uses a perpetual inventory system. The following is information about one inventory…

A: The last-in, first-out (LIFO) is an inventory valuation method in which it is assumed that the…

Q: What conditions must exist for the retail inventorymethod to provide valid results?

A: Retail inventory method: This method is like a gross profit method. It depends on the relationship…

Q: Explain in detail the factors suggesting preptual and periodic inventory system

A: PERPECTUAL INVENTORY SYSTEM  In this system, the inventory is recorded on a regular basis. The…

Q: The retail inventory method would include which of the following in the calculation of the goods…

A: An accounting method which is being used for the purpose of measuring the merchandise in the store…

Q: Explain an example how to calculate inventory turnover ratio.

A: Inventory turnover ratio : Inventory turnover is used to find how many times a company sold its…

Q: The two systems of measuring inventory are: Select one: a. perpetual and periodic b. periodic and…

A: Answer: Option a

Q: The following information for Tuell Company is available:                              1. Assume…

A: Inventory refers to all of the items, goods, commerce, and materials held by a company for the…

Q: Which inventory cost flow assumption does IFRS not allow? a. Specific identification. b. FIFO. c.…

A: Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

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: Which of the following accounts would normally have adebit balance?a. Inventoryb. Sales Returns and…

A: Normal balance refers to the excess of amount on one side, over the amount on the other side in an…

Q: Which inventory method is least likely to be used under IFRS? A . First in, fi rst out (FIFO).

A: Inventory is an important current asset for an organisation’s accounting, thus it is essential that…

Q: What is just-in-time (JIT) inventory system?

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: Briefly contrast the accounting procedures in perpetual andperiodic inventory systems.

A: Following are the differences between accounting procedures in perpetual and periodic inventory…