Rosemary Gascon acc225 friday checkpoint week 5

Rosemary Gascon acc225 friday checkpoint week 5 - Rosemary...

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Rosemary Gascon September 16, 2011 ACC/22 Week five checkpoints Study question 5-8 Identify whether each description best applies to a periodic or a perpetual inventory system. a. Provides more timely information to managers. b. Requires an adjusting entry to record inventory shrinkage. c. Markedly increased in frequency and popularity in business within the past decade. d. Records cost of goods sold each time a sales transaction occurs. QS 5- Answers A perpetual b. perpetual c. periodic d. periodic Exercise 5-9 Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $60,000 $42,500 $36,000 $78,000$23,600 Cost of goods sold Merchandise inventory (beginning) . . . . . . . . . . 6,000 17,050 7,500 7,000 2,560 Total cost of merchandise purchases . . . . . . . 36,000 1,550, 33,750 32,000 5,600 Merchandise inventory (ending) . . . . . . . . . . . . 7,950 2,700, 9,000, 6,600, 2,560 ? Cost of goods sold . . . . . . . . . . . . . . . . . . . . . (34,050) (15,900), (32,250), (32,400), 5,600
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Rosemary Gascon acc225 friday checkpoint week 5 - Rosemary...

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