What is the inventory system called that continuously discloses the amount of inventory? Group of answer choices physical perpetual retail periodic

Q: How is Day Sales in Inventory calculated?

A: Inventory turnover ratio: This is a financial measure that is used to evaluate as to how many times…

Q: When using a perpetual inventory system, the journal entry to record the cost of goods sold is:…

A: Perpetual inventory system reports the inventory units on regular basis.

Q: Continuous determination of inventory ending value and gross profits are available in one of the…

A: The inventory valuation is performed differently in different systems.

Q: Under perpetual inventory system, the journal entry to record cost of sales of merchandise items is:

A: In accounting there are two main inventory systems – perpetual inventory system and periodic…

Q: Prepare journal entries would HEC record on November 30 and December 1? (Assume HEC uses a perpetual…

A: Revenue is the total sum of money obtained through conducting commercial activities like sales. A…

Q: The journal entry for the purchase of inventory on account using the perpetual inventory system is O…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: When merchandise that was sold is returned, a credit to sales returns and allowances is made by the…

A: As per perpetual inventory system, inventory records are updated after every transaction.  When…

Q: How do you get the inventory for a future date in perpetual inventory FIFO METHOD

A: FIFO (first-in,first-out) Method under perpetual inventory system: It is the method in which the…

Q: How is merchandise inventory classified on the balance sheet and what is its normal balance of…

A: Merchandise inventory is a current Asset as it is expected to be sold within 12 months from the…

Q: The inventory that continually discloses the amount of inventory on hand is called:   a) specific…

A: a) Under specific identification method, inventory is counted at the end of the period physically…

Q: The inventory system in which merchandise is physically counted at least once a year to determine…

A: The system in which physical count of inventory is undertaken to value the ending inventory , cost…

Q: Describe a  Comparison of the Perpetual and Periodic Inventory Systems

A:

Q: Under the periodic inventory system, which of the following is a correct closing entry? A) Income…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Describe in words the journal entries that are made ina perpetual inventory system when inventory is…

A: Perpetual inventory system provides a running balance of cost of goods available for sale and cost…

Q: Define days' sales in inventory (what do the results mean). Provide an example

A: Days sales in inventory means how much days company will take to convert its inventory into sales.…

Q: Multiple choice question In a credit sale of inventory using the perpetual inventory method, which…

A: Perpetual inventory also known as continuous inventory is an inventory system which records the…

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: Assuming a periodic inventory system is used, the entry to record a purchase of merchandise on…

A: Assuming a periodic inventory system is used, the entry to record a purchase of merchandise on…

Q: Describe the journal entry(ies) when recording a sale of inventory using the periodic inventory…

A: In a periodic Inventory system, the entries are made in the system at the end of the accounting…

Q: 31. Under a perpetual inventory system, a.a physical count is required to determine cost of…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: Explain how to estimate the average cost of inventory when using the retail inventory method.

A: Retail inventory method: It takes into account all the retail amounts that is, the current selling…

Q: Describe the journal entries when recording a sale of inventory using the periodic inventory system.

A: Definition:

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.