What is the major advantage of using a perpetual inventory system? a. It minimizes error in posting receipts and issues of materials. b. It avoids inventory shortages and overages. c. It provides efficient internal control over materials. d. It avoids losses due to theft.
What is the major advantage of using a perpetual inventory system? a. It minimizes error in posting receipts and issues of materials. b. It avoids inventory shortages and overages. c. It provides efficient internal control over materials. d. It avoids losses due to theft.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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6. What is the major advantage of using a perpetual inventory system?
a. It minimizes error in posting receipts and issues of materials.
b. It avoids inventory shortages and overages.
c. It provides efficient internal control over materials.
d. It avoids losses due to theft.
7. Scrap materials consists of:
a. Raw materials remaining from the production cycle but usable for purposes other than the original purpose.
b. Defective units that may be used or sold.
c. Finished goods that do not meet quality control standards and cannot be reworked.
d. Raw materials remaining from the production cycle but not usable for any purpose.
8. The sale of scrap from a manufacturing process is recorded as a(n):
a. Increased in finished goods control
b. Decrease in manufacturing overhead control.
c. Decrease in finished goods control
d. Increase in manufacturing overhead control
9. In a job-order costing system, the net cost of spoilage that is common to all jobs should be charged to:
a. Applied manufacturing overhead
b. Work in process
c. Manufacturing overhead
d. Materials
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