The primary difference between a periodic and perpetual inventory system is$?$

ABC Store sells widgets and uses the perpetual inventory system. Here are the transactions for the month of January:

January $1$: Beginning inventory of $50$ widgets at $$10$ each

January $5$: Purchased $100$ widgets at $$12$ each

January $10$: Sold $120$ widgets

January $15$: Purchased $80$ widgets at $$15$ each

$,$ January $20$: Sold $85$ widgets

Fifo ending inventory Lifo ending inventory

March $1$: Beginning inventory consisted of $500$ cans of tomatoes at a cost of $$1\mathrm{.}50$ per can.

March $5$: Purchased $300$ cans of beans at a cost of $$1\mathrm{.}80$ per can.

March $20$: Purchased $400$ cans of corn at a cost of $$2\mathrm{.}00$ per can.

March $28$: Purchased $200$ cans of tomatoes at a cost of $$1\mathrm{.}60$ per can.

Ending Inventory $300$ units.

Fifo ending inventory

Lifo ending inventory

The primary difference between a periodic and perpetual inventory system is $?$

ABC Store sells widgets and uses the perpetual inventory system. Here are the transactions for the month of January:

January $1$: Beginning inventory of $50$ widgets at $$10$ each

January $5$: Purchased $100$ widgets at $$12$ each

January $10$: Sold $120$ widgets

January $15$: Purchased $80$ widgets at $$15$ each

$,$ January $20$ : Sold $85$ widgets

Fifo ending inventory Lifo ending inventory

March $1$: Beginning inventory consisted of $500$ cans of tomatoes at a cost of $$1\mathrm{.}50$ per can.

March $5$: Purchased $300$ cans of beans at a cost of $$1\mathrm{.}80$ per can.

March $20$: Purchased $400$ cans of corn at a cost of $$2\mathrm{.}00$ per can.

March $28$: Purchased $200$ cans of tomatoes at a cost of $$1\mathrm{.}60$ per can.

Ending Inventory $300$ units.

Fifo ending inventory

Lifo ending inventory

At the end of the first quarter of $2023$ Ammex Corporation had $21$ units of gearboxes in its ending inventory. Facts related to its beginning inventory and purchases are as follows:

Beginning Inventory $10$ units at $$60$

First purchase $,20$ units at $$65$

Second purchase $30$ units at $$70$

Third purchase $,40$ units $$75$

Using Average Cost COMPUTE THE ENDING INVENTORY AND COST OF GOODS SOLD

Inventory errors take how many years to self$-$correct?

Inventory errors affect which $2$ financial statements?

Which inventory is made up of the oldest purchases?

Which inventory assigns the most recent prices to its ending inventory?

What is the formula to figure Cost of goods sold?

Which inventory is for high$-$end merchandise?

When is Cost of goods sold used?