Question: What is the main difference between a perpetual inventory system
What is the main difference between a perpetual inventory system and a periodic inventory system?
Answer to relevant QuestionsThe Cloud Company employs a perpetual inventory system and the McKenzie Corporation uses a periodic system. Describe the differences between the two systems in accounting for the following events: (1) Purchase of ...Identify four methods of assigning cost to ending inventory and cost of goods sold and briefly explain the difference in the methods.The Austin Company uses the dollar-value LIFO inventory method with internally developed price indexes. Assume that ending inventory at year-end cost has been determined. Outline the remaining steps used in the dollar-value ...Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2011, was $500,000 (20,000 units at $25 each). During 2011, 80,000 units were purchased, all at the same price of $30 per unit. 85,000 units ...The following information is available for the Johnson Corporation for 2011:Required:Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these ...
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