Under both a perpetual and a periodic inventory system goods must be counted at the end of
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Under both a perpetual and a periodic inventory system goods must be counted at the end of the accounting period for the following reason:
a. Items that are damaged or obsolete can be identified through the count
b. Merchandise inventory can be adjusted to reflect the actual inventory on hand at the end of the accounting period
c. Lost or stolen items can be removed from the balance of inventory
d. All of the above.
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Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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