Which inventory system would have a purchases account? Group of answer choices Perpetual FIFO LIFO Periodic

Q: General entry purchase return

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Explain the LIFO retail inventory method.

A: LIFO: Under this inventory method, the units that are purchased last, are sold first. Thus, it…

Q: Differentiate between periodic and perpetual inventory system with the help of an example.

A: The monetary amount associated with the goods in inventory at the end of an accounting period is…

Q: How do you find the ending inventory?

A: Many companies earn revenue by selling inventory rather than a service. These companies are…

Q: Defining Chapter Terms Terms and phrases relating to concepts discussed in this chapter along with…

A: Key Inventory terms and phrases Description of terms and phrases 1. Net realizable value h.…

Q: Can you help me undetstand Periodic Inventory by Three method, any simple example will do?

A: Answer: As per periodic inventory method of inventory system inventory is being counted at the end…

Q: In the Purchasing Process - Level 0 Diagram, a data flow called "inventory's purchase requisition"…

A: The purchasing process, also known as the procurement process, refers to the series of activities…

Q: How do you complete Inventory  by three methods,  cost of merchandise  sold

A: Inventory valuation is a method of finding the actual cost of the goods left unsold at the end of a…

Q: The Inventory account balance appearing in a perpetual inventory worksheet represents the

A: The products and materials that a company keeps on hand with the intention of reselling, producing,…

Q: How to determine the inventory cost using the fifo and lifo

A: Inventory cost is the cost to incur handling charges,maintaining cost and storage cost with…

Q: what would i tell dr green an lucy to use an the periodic inventory

A: Inventory system of book keeping means where proper books of account relating to inventory has been…

Q: How to find sales under LIFO

A: LIFO stands for last in first out. It represents that the units that are purchased last would be…

Q: Explain the ABC inventory management system and the just-in-time inventory managementsystem

A: The objective of this question is to understand two different inventory management systems: ABC and…

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: Ali is planning to implement an inventory control system where the store's ledger should show the…

A: The Inventory system that should be used for regular updation of store ledger account showing…

Q: Define Periodic inventory system.

A: Periodic inventory is a system of inventory in which updates are made on a periodic basis. This…

Q: What is another name for the bill that the seller sends to the buyer when the buyer purchases…

A: Solution: Purchase order is prepared and sent by buyer to seller while placing an order. Receiving…

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: A cost accounting system uses which of the following inventory systems? a.perpetual system…

A: Inventories are assets that are sold, purchased, and manufactured in an organization as a core…

Q: oods purchased and held for resale are commonly known as _____. perpetual inventoryperiodic…

A: Periodic Inventory System: The periodic inventory system records and updates the inventory at the…

Q: When using the periodic inventory system, which inventory costing method(s) always produces the same…

A: Under the periodic inventory system. the inventory is counted usually at the end of the period and…

Q: What does the retail inventory estimates?

A: Retail inventory method:   The retail inventory method is used to calculate the value of ending…

Q: Why is it important to periodically take a physical inventory when using a perpetual inventory…

A:

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: Discuss the different types of Inventory system

A: Traditionally the inventory is recorded by manually counting the items in the warehouse and it is…

Q: Explain the types of inventory and the differences between a perpetual inventory system and a…

A:

Q: ease give me

A: We know the formula for Cost of good sold= Opening Inventory + Purchases - CLosing Inventory. We…

Q: [The following information applies to the questions displayed below.] The following narrative…

A: INFORMATION:- The question asks to provide the best class name to replace the letter A in the given…

Q: Define Perpetual inventory system.

A: A perpetual inventory system updates and records the transaction as and when it occurs either at the…

Q: Which inventory system records both sales and cost of goods sold at the point of sale? Group of…

A: There are different types of inventory system being used depending the record of pricing and record…

Q: Required Information (The following information applies to the questions displayed below.] A company…

A: Solution   1-Calculation of recorded inventory at lower of Cost or NRV-   Inventory  Qty Lower of…

Q: How about perpetual inventory system

A: The difference between the recording of the inventory under periodic and perpetual inventory system…

Q: A perpetual inventory system has these characteristics:

A: Perpetual inventory is a technique in which the sale and purchases of stocks are recorded with the…