Answer the following questions (true or false)

Question number 7 is an open question

Question 1

For the periodic system, once a good is sold, only its Cost (Cost) is recorded and at the end of the accounting cycle, its cost of the good sold is calculated and recorded.

a. True
b. false

Question 2

For the perpetual system, once a good is sold, its sale is recorded and its cost of goods sold (COGS) is calculated and recorded, and there are no records at the end of the accounting cycle.

a. True
b. false

Question 3

Realate and match the process in terms of what is established in accounting in merchandise purchase and sale operations for each one of the following:

1. Services company

2. Buy Sell system

3. Perpetual System

4. Periodic System

5. Sales of merchandise to customers

answers

a. receive cash and deliver a service.

b. A debit to the cash receivable account and a credit to the sales account.

c. Their sale is recorded and the cost of the goods (COGS) is calculated and recorded.

d. your sale is recorded and at the end of rhe accounting cycle, it is calculated and recorded.

e. sell your shares.

Question 4

For the LIFO periodic inventory system, the ending inventory cost is calculated with the units in inventory calculated at the first recorded cost for that inventory.

a. True
b. false

Question 5

For the FIFO perpetual inventory system, the ending inventory cost is calculated with the units in inventory calculated at the last recorded cost for that inventory.

a. True
b. false

Question 6

Just in time inventory (JIT Just in time inventory). This increases sales and inventory levels.

a. True
b. false

Question 7

Popular Computer Store provides the following information to determine the cost in the periodic method:
The physical inventory of merchandise carried out on December 31, 2017 resulted in 350 laptops.
During the year 2018, 12,500 laptops were purchased; however, only 12,250 entered the warehouse, since 250 were returned to the suppliers for not meeting the required quality.
At the end of 2018, a physical inventory was taken, the result of which was 360 laptops.
Set the equation for this exercise in the periodic method.

solve the excersice above with the information given (question 7), provide the formula and briefly explain it.


Question 8

For the Average Cost inventory system, the cost of ending inventory is calculated with units in inventory calculated at the recorded weighted average cost for that inventory.

a. True
b. false

Question 9

To avoid these high financial costs and storage inefficiencies, companies use two calculations through financial ratios of inventory turnover and days of inventory.

a. True
b. false