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sp2606 [1]
1 year ago
12

which of the businesses below uses a periodic inventory method? a grocery store a bookstore an auto parts store an art gallery

Business
1 answer:
VladimirAG [237]1 year ago
3 0

An art gallery can be a type of business that uses a periodic inventory method.

<h3>What is a periodic inventory method?</h3>

It corresponds to a system used by companies to control and evaluate their stock. In this periodic system, the inventory account would be closed only after an accounting period, such as 1 month or 1 year for example.

In the periodic inventory, the stock accounts would not be updated after each sale and purchase, and the company would be able to analyze and track its stock only after the end of the stipulated accounting period.

Therefore, an art gallery would probably be a company that would use the periodic inventory system because it offers works of art that are generally unique and do not have more than one piece in stock, and sell few units per month.

Find out more about periodic inventory on:

brainly.com/question/25887081

#SPJ1

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The following information is available for Sunland Company.
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                                     Sunland Company

                        Cost of goods manufactured Schedule

                                           For the year ended

Work in progress                                                      15,470

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Less: Raw material inventory             <u>32,850</u>

Direct material used                                               143,890

Direct labor                                                             225,290

Manufacturing overhead                                        <u>183,120</u>

Total manufacturing costs                                                        <u>552,300</u>

Total cost of work in progress                                                  567,770

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Cost of goods manufactured                                                    <u>549,210</u>

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