ount is done after every shift or on a daily basis. Choices: a. preventive
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Liquor inventory stock count is done after every shift or on a daily basis.
Choices:
a. preventive
b. detective
c. corrective
Step by step
Solved in 2 steps
- k t K nt ences Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the table column "Write-Down per Item" and then sum the final column. 1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Complete this question by entering your answers in the tabs below. h Req 1A Req 1B Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Complete the table column "Write-Down per Item" and then sum the final column. NRV per Item Write-down per Item Req 2 Unit Cost (FIFO) $ 60 55 53 55 22 $ 56 55 59 55 14 Req 1A Quantity on Hand 50 30 80 70 50 Total Write- down Req 1B >Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.fast urgent.
- Consider the following transactions for Brighton Drug Store: View the transactions. Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Brighton Drug Store? ... Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Round the answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Jan. 2: Brighton Drug Store purchased $20,300 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Birch Medical Supplies. Date Jan. 2 Accounts Debit Credit Transactions Jan. 2 Jan. 3 Brighton Drug Store purchased $20,300 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Birch Medical Supplies. Brighton Drug Store paid a $160 freight charge. Jan. 8 Brighton Drug Store returned $6,500 of the merchandise due to…Please help me make a perpetual FIFO, perpetual LIFO, Weighted Average, and Specific ID chart. Thank youPlease make a LIFO chart
- What is the inventory system called that continuously discloses the amount of inventory? Group of answer choices physical perpetual retail periodicHere is the new question. Unfortunately it did not go over completely last time. May I please get some help on this practice questionCreate General Journal entries
- The periodic total of purchases return journal is posted to :(i) Purchase account(ii) Profit and loss account(iii) Purchase returns account(iv) Furniture accountWhat is the inventory system called that discloses the amount of inventory on hand ONLY at the end of the accounting period when a physical count is taken? Group of answer choices retail physical periodic perpetualThe Inventory module window has journal icons for Select one: O a. inventory sales and inventory purchases b. item assembly and inventory adjustments O c. inventory sales and inventory adjustments O d. all of the above Show Transcribed Text You should use the adjustments journal to record - Select one: O a. adjustments to inventory purchase prices from the supplier as an allowance for damages O b. adjustments to inventory sale prices to customers as an allowance for damages c. adjustments to inventory in stock for damaged goods O d. all of the above
