Under the periodic inventory system

Assignment Help Financial Accounting

Reference no: EM131202391

Under the periodic inventory system:

a. inventory records are updated immediately after each purchase.

b. inventory must be counted at the end of each accounting period.

c. inventory does not have to be counted. (It can be taken from the accounting records.)

d. inventory levels must be counted every day.

Reference no: EM131202391

Questions Cloud

Units of production with respect to conversion costs : Bennett Company uses the FIFO method in its process costing system. During April the equivalent units of production with respect to conversion costs totaled 35,600 units. Work in process inventory on April 1 consisted of 8,000 units, 35% complete wit..

The perpetual inventory method of tracking inventory : The perpetual inventory method of tracking inventory is considered superior to the periodic method because the perpetual method: In order to calculate shrinkage:

Related to implementing activity based costing system : If you were a small business owner would you implement an activity-based costing system. What potential benefits or pitfalls do you foresee? What are the benefits and challenges related to implementing an activity based costing system?

Units were transferred in from the prior department : The Assembly Department started the month with 22,000 units in its beginning work in process inventory. An additional 295,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. How man..

Under the periodic inventory system : Under the periodic inventory system:

Equivalent units related to conversion costs : Arizaga Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels are attached to a canoe- shaped aluminum frame. The canoes are then transferred to the Waterproofing departmen..

What were the equivalent units for conversion costs : Cargin Company uses the FIFO method in its process costing system. The Assembly Department started the month with 23,000 units in its beginning work in process inventory that were 50% complete with respect to conversion costs. What were the equivalen..

The effects on the accounting equation : When a company buys equipment for $168,000 and pays for one third in cash and the other two thirds is financed by a note payable, which of the following are the effects on the accounting equation?

Determine weighted-average number of shares outstanding : On January 1, 2015, Wilke Corp. had 535,000 shares of common stock outstanding. During 2015, it had the following transactions that affected the Common Stock account. Determine the weighted-average number of shares outstanding as of December 31, 2015..

User Account

All Pages