Why is it important to periodically take a physical inventory when using a perpetual inventory system?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 42% (14 reviews)
A physical inventory should be take...View the full answer
Answered By
Eliel Valdivia
I am a very skilled freelancer with more than eight years of experience. I have had both online and one on one classes with my student who have recorded a great deal of improvement in there class work. Looking forward to helping many more students here.
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Managerial Accounting questions
-
1. $300,000 in sales on account had not been recorded but were shipped FOB Shipping Point on December 31. The cost of this inventory was $140,000. Roxy and Harley uses a perpetual inventory system....
-
Why is it important to periodically take a physical inventory if the perpetual system is used?
-
Why is it important to scale up system bus and device speeds as the CPU speed increases?
-
Exhibits 7.17 and 7.18 provide footnote excerpts to the financial reports of The Coca-Cola Company and Eli Lilly and Company that discuss the stock option grants given to the employees of the two...
-
Webster Recycling recycles newsprint, cardboard, and so forth, into recycled packaging materials. For the coming year, Webster Recycling estimates total manufacturing overhead to be $359,640. The...
-
The unadjusted trial balance of Launderland at November 30, 2012, the end of the cur-rent fiscal year, is shown below. The data needed to determine year-end adjustments are as follows:a. Laundry...
-
In each of the following cases, determine the radix r: (a) (BEE) r = (2699) 10 (b) (365) r = (194) 10
-
The following information is provided for the Orbit Antenna, Corp., which manufactures two products: Lo-Gain antennas, and Hi-Gain antennas for use in remote areas. Orbit plans to produce 75 Lo-Gain...
-
When economic rent or surplus rewards (in excess of opportunity costs) is reduced and shifted to the consumer surplus by competitive pressures in the market, this tends to promote a less unequal...
-
The trial balance of Pacilio Security Services Inc. as of January 1, 2019, had the following normal balances: Cash ...............$93,380 Petty cash ............. 100 Accounts receivable ............
-
The transactions completed by PS Music during June 2012 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations:...
-
During the taking of its physical inventory on December 31, 2012, Kates Interiors Company incorrectly counted its inventory as $83,175 instead of the correct amount of $90,700. Indicate the effect of...
-
To reduce natural gas use in the previous problem, a suggestion is to take and cool the mixture and condense out some water before heating it again. So, the flow is cooled from 90C to 50C and the...
-
Assume you work for Target and must communicate to 40 million customers that hackers gained access to critical credit and debit card information, including customer names, card expiration dates, and...
-
Suppose the Fed will increase the monetary base by $1,000,000 and the C/D and R/D ratios are 0.30 and 0.15 respectively. Calculate the money multiplier Calculate the deposit multiplier Calculate the...
-
Andile buys a 3-piece lounge set from ABD furniture stores for R30 000. The store undertakes to deliver the lounge set at Andile's home in Acacia within 48 hours of the purchase. A week later, Andile...
-
During the annual athletics competition at Tshwane High School, an argument broke out between two teachers, Mr Mokaba and Mrs Sibanyone. It transpired that Mr Mokaba publicly accused Mrs Sibanyone (a...
-
Scenario: You receive a call from a father whose son is awaiting his AIDS test results. The son isn't calling because he's terrified; he's asked his father to call for him. The son, however, is...
-
A pipe is used for transporting boiling water in which the inner surface is at 100C. The pipe is situated in surroundings where the ambient temperature is 10C and the convection heat transfer...
-
Making use of the tables of atomic masses, find the velocity with which the products of the reaction B10 (n, ) Li7 come apart; the reaction proceeds via interaction of very slow neutrons with...
-
Big Howie's Hot Dog Stand is a fast-food restaurant specializing in hot dogs and hamburgers. The store employs 8 full-time and 12 part-time workers. The store's weekly payroll averages $5,600 for all...
-
Dave's Scooters is a small manufacturer of specialty scooters. The company employs 14 production workers and four administrative persons. The following procedures are used to process the company's...
-
Dave's Scooters is a small manufacturer of specialty scooters. The company employs 14 production workers and four administrative persons. The following procedures are used to process the company's...
-
Barbie is tired of driving her pink Barbie convertible car, because her hair gets messy when she drives fast. She says out loud, "I wish someone would pay me $20 for this stupid car!" Ken appears and...
-
The company's name is called *Alcohaul* it is a monthly subscription box for mixed drinks . It provides liquor and mixers. Every month we would mix and match different liquors and ingredients to...
-
David was given the task of conducting a research project for his firm and proceeds with the following steps. He asks questions to determine the research topic, conducts a telephone survey, writes a...
Study smarter with the SolutionInn App