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Perpetual inventory method
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Hello, could somebody please tell me which of the following statements is true under the perpetual inventory method? - Freight-In is subtracted from the inventory account - Freight-In is added to the inventory account - Freight-In is used only with the perpertual inveontory method...
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I am confused! I am able to calculate the Perpetual Inventory system using the LIFO, FIFO, and Average Cost. However I do not know how to compute sale returns and purchase returns. Example: Dec. 31 Ending inventory 160 units @ $18 Jan. 2 Purchase ...
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1/1... Beginning Inventory... 1,000... $12 2/4... Purchase... 2,000... $18 2/20... Sale... 2,500... $30 4/2... Purchase... 3,000... $23 11/4... Sale... 2,000... $33 How do I compute cost of goods sold using LIFO under the perpetual inventory system?
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I can't seem to figure out how to journalize some information using the Perpetual inventory method. Here is the information. a) Sold merchandise on account, for $10,000. The cost of the merchandise sold was $4,500. b) Sold merchandise to customers who used MasterCard and VISA, $8,500. The... View more questions Search
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