Question: Describe the difference between a perpetual inventory system and a periodic inventory system? Why is a physical count of inventory necessary in a perpetual system?

Describe the difference between a perpetual inventory system and a periodic inventory system? Why is a physical count of inventory necessary in a perpetual system? Explain why FIFO is considered to be a balance sheet method! Explain why LIFO is an income statement method

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

1. Describe the difference between a perpetual inventory system and a periodic inventory system. 2. Underwater Adventures has the following account balances on August 31, 2023: The following...

Blue Jewelry shop buys three different rings: a one carat diamond solitaire at a cost of $1,370, a one carat oval sapphire at a cost of $2,070, and a two carat pear shaped emerald at a cost of...

apter 6 assignments - for mark X C Solved. Aacher wishes to ex ces/38929/assignments/5127045 Your answer is incorrect. dentify all of the following statements that are correct with regards to...

Identify all of the following statements that are correct with regards to inventory systems. a. The key difference between a perpetual inventory system and a periodic inventory system is under a...

Identify which of the following statements are correct with regard to inventory systems. a. The key difference between a perpetual inventory system and a periodic inventory system is under a periodic...

Identify all of the following statements that are correct with regards to inventory systems. a. The key difference between a perpetual inventory system and a periodic inventory system is under a...

The difference between a perpetual inventory system and a periodic inventory system is: a. periodic will record inventory purchases in the inventory account. b. perpetual requires a physical...

Which of the following describes a difference between a perpetual inventory system and a periodic inventory system? Select one: Unlike a perpetual inventory system, a periodic inventory system...

Richard McCarthy (born 2/14/64; Social Security number 100-10-9090) and Christine McCarthy (born 6/1/1966; Social security number 101-21- 3434) have a 19-year-old son (born 10/2/99 Social Security...

Adel & Co is a company manufacturing various types of mini bar refrigerators for hotels. The company does not have an internal control department. Below is the companys sale and receivables...

4. Show an example of opening an existing file for input.

A 5% semiannual $1,000 bond matures in 4 years. What is the YTM if the price is $1,069? 2 answers