Which Of The Following Is A Characteristic Of A Perpetual Inventory System
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Which of the following is a characteristic of a perpetual inventory system. Cost of goods sold is determined as the amount of purchases less the change in inventory. Inventory purchases are debited to a Purchases account. Inventory purchases are debited to a Purchases account.
Cost of goods sold is recorded with each sale. The examples are purchase purchase return sales and sales return and sales discounts and purchase discounts. Cost of goods sold is recorded with each sale.
Management knows how much inventory is on hand at all times. Inventory purchases are debited to a Purchases account. Cost of goods sold is recorded for each sale.
Purchases of inventory are recorded to the inventory account. Cost of goods sold is determined as the number of purchases. Management knows how much inventory is on hand at all times.
Inventory records are not kept for every item. After each transaction the inventory and the costs of goods sold are updated after each sale. Which of the following is a characteristic of a perpetual inventory system.
Which of the following is a characteristic of a perpetual inventory system. Purchases of inventory are recorded to the inventory account. Perpetual inventory system provides a running balance of cost of goods available for sale and cost of goods sold.
Cost of goods sold is determined as the amount of purchases less the change in inventory. Continuous control over inventory ensures detailed and decent management of inventory.
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Which of the following refers to a type of technology that has led to an evolution in retailing by collecting sales data and is hooked directly into the stores inventory-control system.
It helps to keep the inventory records during the particular period. Automatic reordering system D. Which of the following is an advantage of the periodic inventory system. All sales purchases and freight are inclusive of 12 VAT. Purchases of inventory are recorded to the inventory account. Cost of goods sold is 75 of sales. Cost of goods sold is recorded with each sale. During 2010 Carne Corporation transferred inventory to Nolan Corporation and agreed to repurchase the merchandise early in 2011. Inventory records are not kept for every item.
Inventory records are not kept for every item. The examples are purchase purchase return sales and sales return and sales discounts and purchase discounts. Use the following information for questions 35 and 36. The entity uses the perpetual inventory system. Under the perpetual inventory system the merchandise inventory account is debited for each purchase and credited for each sale to show the up-to-date balance of inventory. Which of the following is a characteristic of a perpetual inventory system. After each transaction the inventory and the costs of goods sold are updated after each sale.
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