Answer the following five questions as to what you believe to be either TRUE OR

Question

Answer the following five questions as to what you believe to be either TRUE OR FALSE by circling T for TRUE or F for FALS F . The two merchandise inventory systems are the Perpetual and the odic. F 2. Sales Cost of Goods Sold-Gross Profi F 3. Under the Perpetual System, at the time of a sale of merchandise, usiness must: record the sale, the accounts receivable or cash received, the cost of the merchandise sold and corresponding reduction from inventory DF 4. The FIFO method of inventory valuation are initials that stand for irst-In-First-Out 5. A business buys merchandise with the terms 3/15 net 30. That would mean that the business would receive a 3% discount on the purchase price paid provided that the business makes the payment to the seller within 15 days but otherwise, must pay the full amount within 30 days. PART II -MULTIPLE CHOICE 5 Some of the methods of inventory valuation include the following except for A. LIFO-Last-In-First-Out Specific Identification C. Weighted Average D. Standard Deviation or SD Inventory Under the Perpetual Inventory System, inventory when sold is credited or reduced m the asset account and moved into which of the following expense accounts AInventory Expense B. Purchases C. Cost of Goods Sold Merchandise Expense

Explanation / Answer

question

answer

1-

TRUE

2-

TRUE

3-

TRUE

4-

TRUE

5-

TRUE

6-

standard deviation or SD inventory

7-

cost of goods sold

question

answer

1-

TRUE

2-

TRUE

3-

TRUE

4-

TRUE

5-

TRUE

6-

standard deviation or SD inventory

7-

cost of goods sold

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