Describe whether the given statement is true or false.

Question

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Answer 1

Question

Chapter 27, Problem 1TF

To determine

Describe whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

False.

Explanation of Solution

Perpetual inventory system: The method or system of maintaining, recording, and adjusting the inventory perpetually throughout the year, is referred to as perpetual inventory system.

Periodic inventory system: The method or system of recording the transactions related to inventory occasionally or periodically are referred to as periodic inventory system.

In this case, Company T uses a perpetual inventory system to record its inventories (finished goods, work in process, and materials).

Conclusion

Therefore, the given statement “Company T uses a periodic inventory system” is false.

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need help this accounting question

Standard cost per unit requires 3 pounds of material at $10 per pound. The company produces 6,000 units. During production, 17,800 pounds of material were used, and the actual cost per pound was $9.80. What is the total direct material cost variance?

Answer 2

Question

Chapter 27, Problem 1TF

To determine

Describe whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

False.

Explanation of Solution

Perpetual inventory system: The method or system of maintaining, recording, and adjusting the inventory perpetually throughout the year, is referred to as perpetual inventory system.

Periodic inventory system: The method or system of recording the transactions related to inventory occasionally or periodically are referred to as periodic inventory system.

In this case, Company T uses a perpetual inventory system to record its inventories (finished goods, work in process, and materials).

Conclusion

Therefore, the given statement “Company T uses a periodic inventory system” is false.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 27, Problem 1TF

To determine

Describe whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

False.

Explanation of Solution

Perpetual inventory system: The method or system of maintaining, recording, and adjusting the inventory perpetually throughout the year, is referred to as perpetual inventory system.

Periodic inventory system: The method or system of recording the transactions related to inventory occasionally or periodically are referred to as periodic inventory system.

In this case, Company T uses a perpetual inventory system to record its inventories (finished goods, work in process, and materials).

Conclusion

Therefore, the given statement “Company T uses a periodic inventory system” is false.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 27, Problem 1TF

To determine

Describe whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

False.

Explanation of Solution

Perpetual inventory system: The method or system of maintaining, recording, and adjusting the inventory perpetually throughout the year, is referred to as perpetual inventory system.

Periodic inventory system: The method or system of recording the transactions related to inventory occasionally or periodically are referred to as periodic inventory system.

In this case, Company T uses a perpetual inventory system to record its inventories (finished goods, work in process, and materials).

Conclusion

Therefore, the given statement “Company T uses a periodic inventory system” is false.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 27, Problem 1TF

To determine

Describe whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

False.

Explanation of Solution

Perpetual inventory system: The method or system of maintaining, recording, and adjusting the inventory perpetually throughout the year, is referred to as perpetual inventory system.

Periodic inventory system: The method or system of recording the transactions related to inventory occasionally or periodically are referred to as periodic inventory system.

In this case, Company T uses a perpetual inventory system to record its inventories (finished goods, work in process, and materials).

Conclusion

Therefore, the given statement “Company T uses a periodic inventory system” is false.

Answer 6

Chapter 27, Problem 1TF

To determine

Describe whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

False.

Explanation of Solution

Perpetual inventory system: The method or system of maintaining, recording, and adjusting the inventory perpetually throughout the year, is referred to as perpetual inventory system.

Periodic inventory system: The method or system of recording the transactions related to inventory occasionally or periodically are referred to as periodic inventory system.

In this case, Company T uses a perpetual inventory system to record its inventories (finished goods, work in process, and materials).

Conclusion

Therefore, the given statement “Company T uses a periodic inventory system” is false.

Answer 7

Chapter 27, Problem 1TF

To determine

Describe whether the given statement is true or false.

Answer 8

Expert Solution & Answer

Answer to Problem 1TF

False.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Perpetual inventory system: The method or system of maintaining, recording, and adjusting the inventory perpetually throughout the year, is referred to as perpetual inventory system.

Periodic inventory system: The method or system of recording the transactions related to inventory occasionally or periodically are referred to as periodic inventory system.

In this case, Company T uses a perpetual inventory system to record its inventories (finished goods, work in process, and materials).