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Q. FIFO under perpetual inventory procedure?
FIFO under perpetual inventory procedure in perpetual inventory procedure the ending balance in the Merchandise Inventory account reflects the most current purchases as a result of making the required entries during the period. As well the firm has already recorded the cost of goods sold in the Cost of Goods Sold account. Exhibit illustrates how to determine the cost of ending inventory under FIFO using perpetual inventory procedure. This graphic uses the same format as the earlier perpetual inventory record in Exhibit. The company sustains a record of the balance in the inventory account as it makes purchases and sells items from inventory.
Q. What is Date column in journal? The first column on every journal page is for the date. Intended for the first journal entry on a page this column contains the year and mont
State about the Balance Sheet columns of worksheet Balance Sheet columns of worksheet would comprise the amounts from Adjusted Trial Balance columns which are assets, capital,
Q. Sales discounts and Sales returns? Sales discounts arise when the seller tenders the buyer a cash discount of 1 percent to 3 percent to induce early payment of an amount due
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Nance's Restaurant, a local independent restaurant, is evaluating new point-of-sale (POS) systems and must determine if a new installation is feasible. A new POS installation wou
Adjusting Journal Entries = These are the entries which are not recoded and is to be adjusted at the end of the year .For example; Supplies in hand Supplies expense A/C Dr. and
Jackson Corporation uses a standard cost system, concerned manufacturing overhead on the basis of machine hours. The company's overhead standards per unit are given below. Varia
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