Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period. To Record: The journal entry for purchase and payment using net method.

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Answer 1

Question

Chapter 8, Problem 8.10E

1.

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

To Record: The journal entry for purchase and payment using net method.

2.

To determine

To Record: The payment of accounts payable after the discount period.

3.

To determine

To Mention: The changes to the journal entries if perpetual method was used instead of periodic.

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Larkspur Manufacturing Company observed that, during its busiest month of 2022, maintenance costs totaled $18,500, resulting from the production of 40,000 units. During its slowest month, $13,000 in maintenance costs were incurred, resulting from the production of 25,000 units. Use the high-low method to estimate the maintenance cost that the company will incur if it produces 30,000 units. (Calculation in 2 decimal)

Answer 2

Question

Chapter 8, Problem 8.10E

1.

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

To Record: The journal entry for purchase and payment using net method.

2.

To determine

To Record: The payment of accounts payable after the discount period.

3.

To determine

To Mention: The changes to the journal entries if perpetual method was used instead of periodic.

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Answer 3

Question

Chapter 8, Problem 8.10E

1.

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

To Record: The journal entry for purchase and payment using net method.

2.

To determine

To Record: The payment of accounts payable after the discount period.

3.

To determine

To Mention: The changes to the journal entries if perpetual method was used instead of periodic.

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Answer 4

Question

Chapter 8, Problem 8.10E

1.

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

To Record: The journal entry for purchase and payment using net method.

2.

To determine

To Record: The payment of accounts payable after the discount period.

3.

To determine

To Mention: The changes to the journal entries if perpetual method was used instead of periodic.

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Answer 5

Chapter 8, Problem 8.10E

1.

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

To Record: The journal entry for purchase and payment using net method.

2.

To determine

To Record: The payment of accounts payable after the discount period.

3.

To determine

To Mention: The changes to the journal entries if perpetual method was used instead of periodic.

Answer 6

Chapter 8, Problem 8.10E

1.

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

To Record: The journal entry for purchase and payment using net method.

Answer 7

Chapter 8, Problem 8.10E

1.

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

To Record: The journal entry for purchase and payment using net method.

Answer 8

2.

To determine

To Record: The payment of accounts payable after the discount period.

Answer 9

2.

To determine

To Record: The payment of accounts payable after the discount period.

Answer 10

3.

To determine

To Mention: The changes to the journal entries if perpetual method was used instead of periodic.

Answer 11

3.

To determine

To Mention: The changes to the journal entries if perpetual method was used instead of periodic.

Answer 12

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Answer 13

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Answer 15

Ch. 8 - Describe the three types of inventory of a...Ch. 8 - What is the main difference between a perpetual...Ch. 8 - The Cloud Company employs a perpetual inventory...Ch. 8 - The Bockner Company shipped merchandise to Laetner...Ch. 8 - What is a consignment arrangement? Explain the...Ch. 8 - Prob. 8.6Q Ch. 8 - The Esquire Company employs a periodic inventory...Ch. 8 - Prob. 8.8Q Ch. 8 - Its common in the electronics industry for unit...Ch. 8 - Explain why proponents of LIFO argue that it...

Solution Summary: The author explains the periodic inventory system, which is used to determine the amount of inventory at the end of each accounting period.

To Record: The payment of accounts payable after the discount period.

To Mention: The changes to the journal entries if perpetual method was used instead of periodic.

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Chapter 8 Solutions