When using a perpetual inventory system, the journal entry to record the cost of goods sold is: debit Cost of Goods Sold; credit Sales debit Inventory; credit Cost of Goods Sold debit Cost of Goods Sold: credit Inventory O No journal entry is made to record the cost of goods sold. 30000

When using a perpetual inventory system, the journal entry to record the cost of goods sold is: debit Cost of Goods Sold; credit Sales debit Inventory; credit Cost of Goods Sold debit Cost of Goods Sold: credit Inventory O No journal entry is made to record the cost of goods sold. 30000

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Description: Searchwhen using a perpetual inventory system, the journal entry to record the cost of goods sold is:debit Cost of Goods Sold; credit Salesdebit Inventory; credit Cost of Goods Solddebit Cost of Goods Sold; credit InventoryO No journal entry is made

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $14,900 with terms 2/10, net 30. The cost of the goods sold was $9,685. If an amount box does not require an entry, leave it blank. b. Received payment within the discount period. If an amount box does not require an entry, leave it blank.
Identify which of the following statement is correct for perpetual inventory system? Under the perpetual Inventory system, on the purchase of Inventory purchase account is debited. When valuing ending Inventory under a perpetual Inventory system, oldest units purchased during the period using FIFO are allocated to the cost of goods sold when units are sold. When valuing ending Inventory under a perpetual Inventory system, weighted average cost method requires that a new weighted average unit cost be calculated after every sale. 09/03/2024 15:01 When valuing ending Inventory under a perpetual inventory system, valuation using weighted average is the same as the valuation using weighted average under the periodic Inventory system.
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A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $900.00 to the vendor. Which of the following would be the correct journal entry to record these returns? OA. Accounts Payable 900 Merchandise Inventory 900 OB. Accounts Payable 900 Purchase Returns 900 OC. Merchandise Inventory 900 Accounts Payable 900 OD. Purchase Returns 900 Accounts Payable 900
Calculate the missing information for the purchase. Item SellingPrice(in $) SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price Book $ 8 $ 0 0 $19.44
The cost of goods sold (Using the FIFO method) $.__________________________ The of cost of the ending Inventory (using the LIFO method) $____________________ The cost of Goods sold (Using the LIFO method) $_______________________________
The following information is taken from a company’s records. Costper Unit Market valueper Unit Inventory Item 1 (10 units) $39 $38 Inventory Item 2 (22 units) 19 19 Inventory Item 3 (12 units) 9 11 Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory? $fill in the blank 1
When a company uses the perpetual inventory system in accounting for its merchandise inventory, which of the following is true? Multiple Choice The inventory account is updated after each sale The inventory account is updated throughout the year as purchases are made. Cost of goods sold is computed at the end of the accounting period rather than at each sale. None of the other alternatives are correct Purchases are recorded in the cost of goods sold account.
Riverbed Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following purchases and sales for one of its products: Date Jan. 1 7 14 16 17 27 30 Purchases Units 1,414 800 925 517 Unit Cost $25 27 35 28 Sales Units Unit Price 614 1,200 1,507 $95 75 75