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Andru [333]
2 years ago
6

Under the perpetual inventory system, in addition to making the entry to record a sale, a company would

Business
1 answer:
kotegsom [21]2 years ago
5 0

Under the perpetual inventory system, in addition to making the entry to record a sale, a company would: a. debit Inventory and credit Cost of Goods Sold.

<h3>What is Inventory ?</h3>

Inventory, also known as stock, refers to the goods and materials that a company keeps for the purpose of resale, production, or use. Inventory management is primarily concerned with specifying the shape and placement of stocked goods.

There are four types of inventory: raw materials/components, work in progress (WIP), finished goods, and maintenance and repair (MRO).

Inventory valuation methods include FIFO (First In, First Out), LIFO (Last In, First Out), and WAC (Weighted Average Cost).

Inventory refers to all of the items, goods, merchandise, and materials held by a company for the purpose of reselling in the market for a profit. For instance, if a newspaper vendor uses a vehicle to deliver newspapers to customers, only the newspaper is considered inventory. The vehicle will be considered an asset.

To know more about Inventory  follow the link:

brainly.com/question/24868116

#SPJ4

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In July 2008, the average price of gasoline in the United States was $4.09 per gallon and consumers bought 6 percent less gasoli
Basile [38]

Answer:

PED= 0.1571

Explanation:

The price elasticity of demand (PED) indicates how the quantity demanded change when the price changes. Is defined by this equation:  

Price Elasticity of Demand = Percentage change in Q/ Percentage change in P  

In this case, the problem is giving percentage changes in Q but we must calculate the percentage change in price:

%Change in price = ( p2-p1/p1)*100= ($4.09-$2.96)/$2.96= 0.3817*100=38.17%

%Change in quantity is= -6%

PED= -6%/38.17%

In absolute value:

PED= 0.1571

If the PED is less than 1 then gasoline is considered as inelastic.

6 0
3 years ago
Required information
ArbitrLikvidat [17]

Answer:

book value = $13,200 (purchase price) + $4,200 (paint) + $2,300 (accessories) = $19,700

useful life 5 years, salvage value $5,100

assuming the company uses straight line depreciation:

depreciation per year = ($19,700 - $5,100) / 5 years = $2,920 per year

the journal entries to record the purchase of the vehicle and the improvements are:

July 1, 2022, vehicle is purchased

Dr Suburban SUV 13,200

    Cr Cash 13,200

July 1, 2022, vehicle's paint and accessories

Dr Suburban SUV 6,500

    Cr Cash 6,500

the journal entry to record depreciation expense ($2,920 x 6 months)

December 31, 2022, depreciation expense

Dr Depreciation expense 1,460

    Cr Accumulated depreciation - Suburban SUV 1,460

the journal entry to record insurance expense ($2,100 x 6 months)

December 31, 2022, insurance expense

Dr Insurance expense 1,050

    Cr Prepaid insurance 1,050

5 0
3 years ago
Americans are beginning to rely more on _________ as their source for news. ap gov
Lerok [7]
<span>Americans, primarily younger Americans, are beginning to rely on the internet for their main source of news. The internet reaches far and wide across the world an offers a wide array of sources and can even be personalized to suit each persons wants and interests.</span>
4 0
3 years ago
ABC company received a special order for 5000 untis at a sales price of 10 per unit. ABC normally sells these for 12 each. Each
slamgirl [31]

Answer:

The increase in pre-tax income 20,000

Explanation:

The fixed cost of production would remain the same  whether or not the special order is taken, hence, irrelevant for  the decision at hand.

The sale price for the special order=10

the variable cost per unit=6

contribution   margin per unit from special order=10-6=4

The increase in pre-tax income=total contribution margin from special order

The increase in pre-tax income=5000*4

The increase in pre-tax income=20,000

Hence, accepting the order is worthwhile.

4 0
2 years ago
On October 1, Black Company receives a 6% interest bearing note from Reese Company to settle a $20,000 account receivable. The n
Ivanshal [37]

Answer:

B. $300

Explanation:

The interest revenue is computed below:

= Principal × rate of interest × number of months ÷ (total number of months in a year)  

= $20,000 × 6% × (3 months ÷ 12 months)

= $300

The 6 months is calculated from October 1 to December 31

Simply we use the simple interest formula by considering the principal amount, rate of interest and time period so that the correct revenue can be computed

7 0
3 years ago
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