Record the end of period adjustment to determine the amount of cost of goods sold, including any "book-to-physical" adjustment that might be needed. (How to get the inventory, ending?
Q: Compute the ending inventory and the cost of goods sold under the LIFO cost flow assumption assuming…
A: LIFO is last in first out method in which inventories which are purchased in last will be sold out…
Q: All descriptions reveal the characteristics of a periodic inventory system, EXCEPT: Merchandise…
A: The correct option is: Inventory record is always up-to-date
Q: The adjusting entry to set up the ending inventory will have: (A) a credit to Sales B a debit to…
A: Ending inventory is the worth of products still available for sale and held by a corporation at the…
Q: In the Adjustments columns of the work sheet, record the following adjusting entries: • For…
A: Trial balance: It is worksheet which shows all the accounts an organization has like assets,…
Q: The entry to record inventory shrinkage under a perpetual inventory system would include a debit to:…
A: Explanation: When There is Inventory shrinkage Under the perpetual inventory system The following…
Q: When using the periodic FIFO inventory cost method, which of the following statements is true? a.The…
A: Under FIFO method the oldest products in stock is used to assess the cost of products sold. To put…
Q: Identify whether each description best applies to a periodic or a perpetual inventory system.…
A: Perpetual inventory system: Perpetual Inventory System refers to the inventory system that maintains…
Q: Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing…
A: LIFO:LIFO stands for land in, first out. It is inventory valuation method in which the latest…
Q: In a periodic inventory system, the quantity of ending inventory is determined by: a. Looking at the…
A: Under the periodic inventory method total ending inventory can be calculated by physical count.
Q: When the perpetual inventory system is used, the inventory sold is debited to a. Cost of Merchandise…
A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…
Q: Is an adjusting entry needed for inventory shrinkage when using the periodic inventory system?…
A: Definition:
Q: In a periodic inventory system, the cost of merchandise purchased includes the cost of
A: Statement is TRUE In a periodic inventory system, the cost of merchandise purchased includes the…
Q: Using a perpetual inventory system, the sale of inventory on account would be recorded as a. Debit…
A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…
Q: Using a perpetual inventory system, the purchase of inventory on account would be recorded as a.…
A: Under perpetual inventory system, when inventory are purchased on account, then purchases account is…
Q: Under periodic inventory system, when there is purchase return then: Inventory will be debited…
A: Answer A periodic inventory system only updates the closing inventory balance in the general ledger…
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: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the…
A:
Q: Under the perpetual inventory system, in addition to making the entry to record a sale, a company…
A: Under perpetual inventory system, the decrease in inventory is also recorded every time of sale.
Q: At the end of the accounting period, the correct entry in the general journal to adjust for…
A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…
Q: Which of the following measures the length of time it takes to acquire, sell, and replace inventory?…
A: Numbers of days to sell inventory: This ratio is determined as the number of days a particular…
Q: Identify whether each description best applies to a periodic or a perpetual inventory system.…
A: Given description is: Requires an adjusting entry to record inventory shrinkage.
Q: What are the main differences between periodic inventory system and perpetual inventory system?…
A: Periodic inventory system: A periodic inventory system may be a variety of inventory valuation…
Q: Cost of goods available for sale is calculated by adding: A beginning inventory to net purchases and…
A: The cost of products available for sale is the cost of raw materials and labor used to make goods…
Q: Under the periodic inventory system, which of the following accounts is debited when inventory is…
A: Solution:- Under the periodic inventory system the following accounts is debited when inventory is…
Q: When using the periodic inventory system, which of the following generally would not be separately…
A: Periodic inventory system: The method or system of recording the transactions related to inventory…
Q: Understand and apply rules for measurement of inventory at the end of the reporting period.
A:
Q: What are the purposes of the period-end adjustment under the periodic inventory system?
A: Periodic inventory system: The method or system of recording the transactions related to…
Q: Which of the following is incorrect about the perpetual inventory method? a. purchases are…
A: Perpetual inventory method : Perpetual inventory method records real time transactions of inventory…
Q: ic inventory system wants to remove beginning estimated returns inventory, which of the following…
A: The right answer is option a.Estimated Returns Inventory
Q: The amount shown in the adjustments credit column for Merchandise Inventory on the worksheet is:…
A: COGS is an expense item computed by subtracting the closing stock from the sum of the opening stock…
Q: Under a periodic inventory system, closing entries will include Oa. debits to Sales, Purchases…
A: Periodic inventory system: The method or system of recording the transactions related to inventory…
Q: Under a perpetual inventory system: Multiple Choice Cost of good sold is recorded with a…
A: Inventory management is a method of acquiring, keeping, and selling inventory, which includes both…
Q: A periodic inventory system does not continually modify inventory amounts, but instead adjusts for…
A: The inventory under the periodic inventory system does not modify continuously but at the end. The…
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: Assuming that the amount of the physical count of the stock of merchandise is less than the recorded…
A: Perpetual Inventory System:- It is a system where inventory purchases and returns are recorded…
Q: Assuming that a perpetual inventory system is used, determine the cost of goods sold and the ending…
A: Inventory valuation refers to the methods used by the company to determine the value of its…
Q: der the method, ending inventory is based on the costs of the most recent purchases. A. FIFO B.…
A: The question is multiple choice question. Required Choose the Correct Option.
Q: Use the information in the account records on the Inventory tab to calculate the total cost of…
A: FIFO means First In, First Out. That means the cost of ending inventory comprises of cost of…
Q: What is the correct entry to write off the inventory under perpetual method? Dr. Cost of Goods sold…
A: The Perpetual Inventory System is a highly preferred system as it can produce accurate results…
Q: Determining the Beginning and Ending Inventory from a Partial Sp Periodic Inventory System From the…
A: The term inventory refers to both the raw materials in the manufacture and the finished goods that…
Q: What account is debited when recording a purchase of inventory when using a periodic inventory…
A: Periodic inventory system: The method or system of recording the transactions related to inventory…
Q: Under the perpetual inventory method, what account is credited when adjusting for the estimated cost…
A: Perpetual inventory system is the system of maintaining the inventory records perpetually throughout…
Q: why both the "beginning inventory" and "ending inventory" figures both appear on the Income…
A: Periodic inventory system is a inventory system in which all purchase and sale transactions related…
Q: under the system the ending inventory and cost of goods sold are determined at the end of the…
A: Inventory in the business can be maintained through perpetual inventory system or periodic inventory…
Q: In the periodic inventory system, all purchases of merchandise during the period is recorded on what…
A: There are two type of inventory systems in the business. One is perpetual inventory system and other…
Q: Prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a…
A: Adjusted for change in Inventory valuation Method
Q: In Periodic inventory system the goods are a. Not recorded till the time cost of goods are known b.…
A: For calculating the accurate inventory costs and maintaining the appropriate inventory…
Q: Determine cost of goods sold during the period under a periodic inventory system using the LIFO…
A: LIFO - last in first out. Means the goods at last will be sold first. Under periodic LIFO the…
Record the end of period adjustment to determine the amount of cost of goods sold, including any "book-to-physical" adjustment that might be needed. (How to get the inventory, ending?
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Record the end of period adjustment to determine the amount of cost of goods sold, including any "book-to-physical" adjustment that might be needed.
- Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?! Required information [The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 35 shovels, for a total cost of $175. The company had the following transactions during the month: January 2 January 16 Sold 12 shovels on account at a selling price of $10 per unit. January 18 Bought 4 shovels on account at a cost of $5 per unit. January 19 Sold 12 shovels on account at a selling price of $10 per unit. January 24 Bought 12 shovels on account at a cost of $5 per unit. January 31 Counted inventory and determined that 15 units were on hand. Sold 9 shovels on account at a selling price of $10 per unit.
- [The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 30 shovels, for a total cost of $90. The company had the following transactions during the month: January 2 Sold 7 shovels on account at a selling price of $10 per unit. January 16 Sold 12 shovels on account at a selling price of $10 per unit. January 18 Bought 4 shovels on account at a cost of $3 per unit. January 19 Sold 12 shovels on account at a selling price of $10 per unit. January 24 Bought 12 shovels on account at a cost of $3 per unit. January 31 Counted inventory and determined that 13 units were on hand. 3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory system? 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system? Do not give answer in imageHome Hardware reported beginning inventory of 20 shovels, for a total cost of $100. The companyhad the following transactions during the month:Jan. 2 Sold 4 shovels on account at a selling price of $10 per unit.16 Sold 10 shovels on account at a selling price of $10 per unit.18 Bought 5 shovels on account at a cost of $5 per unit.19 Sold 10 shovels on account at a selling price of $10 per unit.24 Bought 10 shovels on account at a cost of $5 per unit.31 Counted inventory and determined that 10 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system, including any “book-to-physical” adjustment that might be needed.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if you were unable to determine the dollar amount of shrinkage.I Required information [The following information applies to the questions displayed below.] Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The company had the following transactions during the month: January 3 Sold 20 units on account at a selling price of $15 per unit. January 6 Bought 30 units on account at a cost of $10 per unit. January 16 Sold 30 units on account at a selling price of $15 per unit. January 19 Sold 20 units on account at a selling price of $20 per unit. January 26 Bought 10 units on account at a cost of $10 per unit. January 31 Counted inventory and determined that 160 units were on hand. 3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory system? 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system? Periodic inventory system Perpetual inventory system Amount of shrinkage
- Sigfusson Supplies reported beginning inventory of 100 units, for a total cost of $2,000. The company had the following transactions during the month:Jan. 6 Sold 20 units on account at a selling price of $30 per unit.9 Bought 10 units on account at a cost of $20 per unit.11 Sold 10 units on account at a selling price of $35 per unit.19 Sold 20 units on account at a selling price of $40 per unit.27 Bought 10 units on account at a cost of $20 per unit.31 Counted inventory and determined that 60 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system, including any “book-to-physical” adjustment that might be needed.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if you were unable to determine the dollar amount of shrinkageFrigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The companyhad the following transactions during the month:Jan. 3 Sold 20 units on account at a selling price of $15 per unit.6 Bought 30 units on account at a cost of $10 per unit.16 Sold 30 units on account at a selling price of $15 per unit.19 Sold 20 units on account at a selling price of $20 per unit.26 Bought 10 units on account at a cost of $10 per unit.31 Counted inventory and determined that 160 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system,including any “book-to-physical” adjustment that might be needed.TIP: Adjust for shrinkage by decreasing Inventory and increasing Cost of Goods Sold.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if…The following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March. Record the journal entry or entries for each of the following sales transactions. Glow Industries sells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light. The terms of the sale are 5/15, n/40, invoice dated May 9. On May 13, the customer discovers 50 of the lights are the wrong color and are granted an allowance of $10 per light for the error. On May 21, the customer pays for the lights, less the allowance.
- Kangaroo Jim Company reported beginning inventory of 460 units at a per unit cost of $10. It had the following purchase and sales transactions during the year: January 14 Sold 380 units at unit sales price of $30 on account. April 9 Purchased 370 additional units at a per unit cost of $10 on account. September 2 Sold 320 units at a sales price of $35 on account. December 31 Counted inventory and determined 130 units were still on hand. Required: Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It hadthe following purchase and sales transactions during the year:Jan. 14 Sold 25 units at unit sales price of $45 on account.Apr. 9 Purchased 15 additional units at a per unit cost of $25 on account.Sept. 2 Sold 50 units at a sales price of $50 on account.Dec. 31 Counted inventory and determined 40 units were still on hand.Required:Record each transaction, assuming that Kangaroo Jim Company uses (a) a perpetual inventorysystem and (b) a periodic inventory system.Sims company reports beginning raw materials inventory of $900 and ending raw materials inventory of $1,100. Assume the company purchased $5,200 of raw materials and used $5,000 of raw materials during the year. Compute raw materials inventory turnover and the number of days' sales in raw materials inventory. Complete this question by entering your answers in the tabs below. Raw Materials Days Sales In Raw Materials Inventory Inventory turnover Compute the number of days' sales in raw materials inventory. Numerator: Days' Sales In Raw Materials Inventory. 1 Denominator: 1