- Chapter 6 - Q1 - Types of manufacturing inventory. Homework . Unanswered The inventory account used to collect manufacturing costs while still in the production process is called: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Raw materials inventory. Finished goods inventory. Work in process inventory. d Cost of goods manufactured. Unanswered 1 attempt left Submit - - Chapter 6 - Q2 - Type of company. Homework Unanswered A merchandising company is: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a a Either a retailer or wholesaler. b A retailer who sells only to the final consumer. A wholesaler who sells only to other businesses. d Any company that sells finished goods. ELET'S PRACTICE Chapter 6 - Q3 - Perpetual inventory system. Homework Unanswered 0 Fill in the Blanks Type your answers in all of the blanks and submit Companies using the perpetual inventory system will have Type your answer here (choose from current/recent/delayed) merchandise inventory balances. Unanswered 1 attempt left Submit : Chapter 6 - Q4- Shipping terms. Homework . Unanswered Shipping terms FOB Shipping point means: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Company that owns goods at shipping point pays for freight b Seller of goods pays for freight. Freight terms must be negotiated between buyer and seller. d Buyers pays for freight. Chapter 6 - Q5 - Credit terms. Homework . Unanswered The amount of a discount calculated on a $100 invoice with credit terms of 3/10,N60 is: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a $3.00 b $1.80 C $30.00 d $0.30 Unanswered 1 attempt left Submit . Chapter 6 - 26- Sales transactions perpetual. Homework. Unanswered Fill in the Blanks Type your answers in all of the blanks and submit Recording a sales transactions using the perpetual inventory system requires a debit to Type your answer here and a credit to Type your answer here Unanswered 1 attempt left Submit Chapter 6 - Q7- Freight out. Homework. Unanswered Freight out represents the cost to transport goods between buyer and seller, and is: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Added to the merchandise inventory account for the seller. b Considered to be an operating cost for the buyer. Considered to be an operating cost for the seller. d Added to the merchandise inventory account for the buyer and seller. nance atamantlatt . Chapter 6 - Q8 - Sales returns and allowances. Homework. Unanswered * Fill in the Blanks Type your answers in all of the blanks and submit The Sales Returns and Allowance account is also called a Type your answer here (hint: two words) account. Unanswered . 1 attempt left Submit Chapter 6 - Q9- Sales entry under perpetual system. Homework. Unanswered Fill in the Blanks Type your answers in all of the blanks and submit The entry to record the receipt of an early payment for an invoice with an early payment discount, requires a debit to Type your answer here a credit to Type your answer here and a credit to Type your answer here Chapter 6 - Q10- Periodic inventory system. Homework Unanswered One of the key differences between the perpetual inventory and the periodic inventory system is the use of the account: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Sales Discounts Merchandise Inventory C Freight-out d Sales revenue Chapter 6 - Q11- Recording purchase using periodic inventory system. Homework Unanswered Fill in the Blanks Type your answers in all of the blanks and submit Using the periodic inventory system, the entry to record a purchase of Merchandise Inventory requires a debit to Type your answer here and a credit to Type your answer here Chapter 6 - Q12- Multiple- step income statement. Homework. Unanswered Fill in the Blanks Type your answers in all of the blanks and submit In the multiple-step income statement the difference between sales revenue and cost of goods sold is called Type your answer here (hint: two words). E Chapter 6 - Q13 - Multiple- step income statement using periodic inventory system. Homework Unanswered Regarding the multiple-step income statement, the only difference in between the perpetual and periodic inventory systems is: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The amount of detail provided in the calculation of Cost of Goods Sold. b The grouping of expenses into meaningful categories. C The ease of preparation. d The frequency of preparation of preparation. 77