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melamori03 [73]
2 years ago
10

As part of the calculation for cost of goods sold it is necessary to determine the value of goods on hand, termed merchandise in

ventory. Accountants use two basic methods for determining the amount of merchandise inventory. Identify the two methods and describe the circumstances (including examples of users of each method) under which each method would be used.
Business
1 answer:
Ket [755]2 years ago
6 0

Answer:

The two methods or systems for determining the amount of merchandise inventory are:

the perpetual inventory system and periodic inventory system.

Explanation:

The perpetual inventory system requires that separate accounts be kept for Inventory and Cost of Goods Sold to enable a continuous or perpetual update of inventory transactions.  This is unlike the periodic inventory system, where the update of inventory transactions are done periodically, and only the Inventory Purchase account is maintained for inventory transactions, with the Inventory balances and Cost of Goods Sold determined periodically.

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Individuals who want to work and have searched for work in the prior​ year, but are not currently looking for work because they
Makovka662 [10]

Answer:

Discouraged; are not

Marginally attached; are not

Employed; are

Explanation:

Those workers who have had a job in past but are currently unemployed and are not currently looking for work because they were not able to find job are called discouraged workers.

They believe they will not find a job now so have stopped looking. These workers are not included in the labor force.

Marginally attached workers are those workers who are not employed but are not looking for work because of a number of reasons such as illness, school, responsibility, etc. These workers are also not included in labor force.

Those workers who would like to have full-time job but are employed part-time are considered employed. These workers are included in the labor force.

8 0
3 years ago
Under a periodic inventory system:____________.
anyanavicka [17]

Answer:

1. accounting records continuously disclose the amount of inventory.

Explanation:

The periodic inventory system is the accounting method of calculating the value of inventory at the end of a specified period of time. Under this system, updates are made on a periodic basis rather than after every sale or purchase of inventory. It continuously tracks the record of inventory by physically counting the inventory and the cost of inventory is calculated by using the inventory calculation method, such as FIFO, LIFO, and weighted averages.

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3 years ago
Determine which of the following statements are correct regarding the difference between physical flow and the cost flow of good
Viktor [21]

Answer:

a.Perishable items must have an actual physical flow of FIFO

Explanation:

  • Cost flow estimates are required to determine the cost of goods sold and to end inventory. Companies make some ump habits about what goods are sold and what items are listed (as a result of various accounting methods).
  • Financial reporting and tax benefits and the actual movement of goods are not required to be accepted
  • The continuous inventory system may have different end inventory and COGS yields compared to the periodic inventory system due to LIFO's calculation time and weighted average cost flow estimates.
  • Reducing or exceeding the lower price of goods sold when prices fall or rise
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Explanation:

popular vangkee

maaf ya vengkeee

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Please give me the brainliest answer!  :)):):)):):):):)::::):)
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2 years ago
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