Question: I need help with the second question also can you tell me if I have the right answer for question#1? (1.)What is the difference between

I need help with the second question also can you tell me if I have the right answer for question#1?

(1.)What is the difference between a perpetual inventory and a physical inventory ?

The periodic system relies upon an occasional physical count of the inventory to determine the ending inventory balance and the cost of goods sold, while the perpetual system keeps continual track of inventory balances.

(2.)If a company maintains a perpetual inventory, should its physical inventory at any date be equal to the amount indicated by the perpetual inventory records ? Why?

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 Accounting Questions!

Please help, need all the points I can get. Accounting Unit 9 Exercise 6-9 Optix Camera Shop uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31....

To be solved by DKetan. Using Chapter 7 of your text as a reference, define a standard cost and explain what constitutes the components of a standard cost. Describe the advantages and disadvantages...

How to write the case report? fill in the excel spreadsheet Case 1 A Practice Problem in Accounting Sparky Fitness Corporation In Chapters 3-5, we discussed the Accounting Information System and the...

submission consist of: can you help me how to A NEW MS WORD FILE WITH a One-page report comparing HEMI to its competitor (Wajax Corporation). b. Explain why the gross profit is higher under one...

I posted whole quetion Its a full question its complete question Please see its full question What you want to know , please explain Please provide me answer Second time posted all picture of the...

Help me figure out this case. Answer should be in the Excel worksheet. Case 1 A Practice Problem in Accounting Sparky Fitness Corporation In Chapters 3-5, we discussed the Accounting Information...

Evaluate the following questions and answer. The remaining Application Exercises deal with purchasing a house. Assume that you are currently renting an apartment for $1,040 per month and you have...

The article below that discusses marketing research and its role within an organization. Address the following points in your essay: Summarize the article by discussing the main points of the...

Dear Sir, I have two question. (1) Chwastiak and Young (2003) claim that annual reports rely upon silencing of injustices in order to make profit appear to be an unproblematic measure of success....

What are some general properties and characteristics of covalently bonded materials?

Which of the following features would increase the value of a corporate bond? Which would reduce its value? a. The borrower has the option to repay the loan before maturity. b. The bond is...

For F ( x ) = f ( x ) 8 + g ( x ) , find F ' ( ) given that f ( ) = 5 , f ' ( ) = 2 , g ( ) = - 7 , and g ' ( ) = - 1 . F ' ( ) =

Hypothesis Testing of a Single Mean LCTCS Tuition: Louisiana Community And Technical College System consist of 2 community colleges across the state. I think RPCC's tuition and fees is lower than the...

Have you ever experienced (or been responsible for) a failed attempt at sarcasm or teasing via a text message or social network posting? What, in your opinion, caused this communication breakdown?...

B When you were in high school, what styles did you wear, and what did these clothing items communicate about you? If you now have or have had teen children, what do or did they seem to be...

1. Take a look at a piece of writing youve produced (an essay, your rsum, or an e-mail to a friend). Do you use high or low levels of abstraction? Is your choice of language appropriate for the...