When using a perpetual inventory system,
A: no Purchases account is used.
B: a Cost of Goods Sold account is used.
C: two entries are required to record a sale.
D: All of these.
A: no Purchases account is used.
B: a Cost of Goods Sold account is used.
C: two entries are required to record a sale.
D: All of these.
举一反三
- Grogan Company purchases inventory on account with a cost of $1,000 and a retail price of $2,000. Grogan Company uses the perpetual inventory method. What journal entry is required on the date of purchase?
- The difference between Cost of Goods Sold and Cost of Goods Available for Sale is: A: Beginning Inventory B: Ending Inventory C: Net Sales D: Net Purchases
- ___________ is the average number of times the inventory is sold per year. A: a. Inventory storage B: b. Cost of goods sold C: c. Cost of goods available for sale D: d. Inventory turnover
- Budgeted purchases =beginning inventory + cost of goods sold – desired ending inventory.
- The perpetual inventory system:（ ）。 A: is used by most businesses. B: other three choices are true. C: keeps a continuous record for each inventory item. D: requires an annual count of inventory on hand.