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A. Flow of Costs and Inventory System 1. For a merchandising company, the flow of costs is beginning inventory 2. Cost of goods available for sale are either sold and assigned to the account 3. Companies use one of two systems to account for inventory 4. Because of the widespread use of the (perpetual or periodic) inventory system, we will focus cost of goods available for sale. or not sold and represent On this system in the textbook and in this class, ACC 201. Circle the correct answer 1. Parchases of inventory would be Idebited or credited) to the Inventory account. Circle the 2. When the buyer of inventory pays the freight cost, the journal entry would debit B. Record Purchases Under a Perpetual Inventory System Freight Expense or Inventory). Cirdle the correct answer 3. When the buyer of inventory returms some of the goods to the seller because the goods were defective, the journal entry would credit (Purchanse Returns or inventoryl Circle the correct 4. If an invoice for inventory for $5,000 (gross amount) s paid within the discount period, terms 2/10, n/30, the joumal entry would be Accounts Payable 5,000 Cash 100 C. Record Sales Under a Perpetual Inventory System 1. When a seller records sales of inventory, the seller always makes (one entry or two entries) for each sale. Circle the correct answer Circle the corect answer 2. For a credit sale in the amount of $2.,000, the first journal entry would be 2,000 Sales Revenue a. For the credit sale in 82 above, if the cost of the inventory is $1,200, the second joumal entry would be: Cost of Goods Sold 1,200 if the buyer in entries#2ard #3 above retnedssootelingprice)ofgoods, the entres would b 4. 500 500 300 D. Income Statements 1. In a mutiple-step income statement, cost of goods sold is subtracted from net sales to determine 2. Gross profit is not a measure of the-al poft of a company. But management Interested in comparing gross profit in different years to indicate the effectiveness of a company's