24 Which of the following statements appropriately describes attributes of perpetual and periodic inventory systems? a....
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6657c499ddf98_9936657c499d730f.jpg)
Transcribed Image Text:
24 Which of the following statements appropriately describes attributes of perpetual and periodic inventory systems? a. Historically, a perpetual inventory system is less costly to maintain then a periodic one. O b. Inventory shrinkage is just as easily determined under both the perpetual and periodic inventory system. c. The perpetual inventory system computes cost of sales as a residual amount. 2 Marks Od. If a company has a December 31 year end, and operated under the periodic inventory system, it is possible that the balance in the inventory account on December 29 would remain unchanged from its January 1 balance, even though numerous sales have occurred during the year. e. Cost of sales can be determined at any time by both the perpetual and periodic inventory system without the need of a physical inventory count. 24 Which of the following statements appropriately describes attributes of perpetual and periodic inventory systems? a. Historically, a perpetual inventory system is less costly to maintain then a periodic one. O b. Inventory shrinkage is just as easily determined under both the perpetual and periodic inventory system. c. The perpetual inventory system computes cost of sales as a residual amount. 2 Marks Od. If a company has a December 31 year end, and operated under the periodic inventory system, it is possible that the balance in the inventory account on December 29 would remain unchanged from its January 1 balance, even though numerous sales have occurred during the year. e. Cost of sales can be determined at any time by both the perpetual and periodic inventory system without the need of a physical inventory count.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
What amino acid sequence is coded by the following mRNA base sequence? CUU-AUG-GCU-UGG-CCC-UAA
-
(Appendix 11A) Preparing Net Cash Flows from Operating Activities-Direct Method Refer to the information for Colombo Manufacturing Company in Problem 11-55A. \section*{Required:} Prepare the cash...
-
What are examples of (a) consumer-driven and (b) seller/retailer-driven actions made possible through price transparency on the Internet?
-
In January 2017, Mitzu Co. pays $2,600,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is...
-
Solving for Annuity Amount per Period Samuel borrowed 395,000 to purchase a vehicle on January 1, 2020, by signing a five year note with a 9% interest rate Assuming end of month payments and monthly...
-
Your boss, Bonnie, is thinking of selling her real estate brokerage business, "Bon Sell-It Real Estate." She has come to you for help sorting out all the documentation relating to the use and license...
-
Gordon Rivers, the city manager of Saratoga, Florida, pitched the proposed design schedule back at Jay Andrews. Jay Andrews is the project manager for Major Design Corporation (MDC). The city of...
-
Use the data from SE3-8 to prepare the closing entries for The Decade Company. Close the temporary accounts straight to retained earnings. The balance of \(\$ 8,500\) in the retained earnings account...
-
Draw a Keynesian cross diagram to show the effects of a rise in autonomous expenditure on an economy operating below full employment output.
-
Governments in many countries are acutely aware of the environmental problems that vehicle emissions can have. Many car manufacturers are exploring the production of electric vehicles, but production...
-
Draw a simple diagram of John Woodens pyramid of success. You can find it at the official Wooden website www.coachwooden.com/index2.html.
-
Hello I have an economics math graphing based question, and I have provided the question via image. I need help Because Keynesians believe that prices (increased or are fixed?) and in the region of...
-
A friend, explaining his position with respect to liability insurance, states, I dont feel I need the high limits of liability because I dont make that much money. If I were a doctor or a lawyer, I...
-
In Excel use the formulas = average (range), = median (range) and = st.dev (range) to find the median, average and standard deviation for salary and years of education. To find the average of salary...
-
Mary Somers babysits for working mothers. She has 11 small children, ages two to four, in her care. She is concerned about potential liability if one of the children should be injured andwonders if...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App