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galben [10]
1 year ago
15

using a perpetual inventory system, what is recorded when a customer returns a product and gets the cash back and the product is

put back on the store shelf to be resold?
Business
1 answer:
likoan [24]1 year ago
3 0

A credit to cash, a debit to sales returns and allowances, a credit to inventory, and a debit to cost of goods sold are all recorded.

Perpetual inventory, commonly referred to as continuous inventory, is an inventory management system that uses software to automatically and constantly record each stock movement (such as purchases, returns, consumptions, and write-offs), keeping the system current at all times.

This contrasts with the need to manually update the system on a regular basis when utilizing spreadsheets or paper-and-pencil alternatives.

Barcodes, POS systems, radio frequency identification, and real-time reporting are used by perpetual inventory systems like MRP, ERP, or WMS software to track inventory movements and build a virtual trail of each transaction occurring in the physical inventory. This makes it possible to perform extremely accurate real-time inventory accounting, giving the business a current cost of goods sold at all times.

To learn more about perpetual inventory system from given link

brainly.com/question/25014592

#SPJ4

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Whispering Winds Corp. just began business and made the following four inventory purchases in June: June 1 147 units $882 June 1
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Answer:

the ending inventory using the LIFO method is $1,225

Explanation:

The computation of the value of the inventory using the LIFO method is shown below;

Since there are 196 closing units

So,

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The $6 come from

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And, $7 comes from

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Hence, the ending inventory using the LIFO method is $1,225

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Assume it costs Lady Marion Seafood, Inc. $30 to each catch, process, freeze, package, and ship 5 pound packages of Alaskan Salm
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Answer:

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Standard markup is a quick and easy way to find out how much you pay for your goods or services.

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