Answered Essay: In the _______ _______ system, purchases and sales of inventory are record the inventory account.

Editioni Principles of Accounting ll CHAPTER 15 SUMMARY PRACTICE TEST: ACCOUNTING FOR MERCHANDISE INVENTORY Part I Fill in the blank(s) to complete the statement 1. In the system, purchases and sales of inventory are recore system, the inventory account is not updated by e equals cost of goods available for the inventory account. 2. In the sale or purchase of inventory made during the periods. 3. Cost of goods sold plus 4 is the actual physical movement of h goods are sold for inventory is determined by what costs are assig by various inventory methods. 6. Flow of goods and flow of costs are the same in the 7. Using the method, the net income will not Auctuate as as other methods when the income statement is prepared. method, the most recent costs are assigned to goods not sold. 8. In the 9. The 10. During inflation, LIFO produces the method assumes that the ending inventory is made up of the old invernt net income. Financial reports are made more reliable by the principle of The its financial statements. Consigned goods belong to the 11· principle helps clarify why a company makes a change in the preparatio 12. and will be added to its inventory 13. 14 15. means If beginning inventory is understated, net income will be SG-89

In the _______ _______ system, purchases and sales of inventory are record the inventory account. In the ______ ______ system, the inventory account is not updated by e sale or purchase of inventory made during the periods. Cost of goods sold plus ______ ______ equals cost of goods available for _____ ______ _____ is the actual physical movement of h goods are sold for inventory. _____ _____ ______ is determined by what costs are by various inventory methods. Flow of goods and flow of costs are the same in the _____ _____ _____. Using the _____ ______ method, the net income will not fluctuate as n as other methods when the income statement is prepared. In the _______ method, the most recent costs are assigned to goods not sold. The ______ method assumes that the ending inventory is made up of the old invent During inflation, LIFO produces the ______ net income. Financial reports are made more reliable by the principle of ______. The _____ principle helps clarify why a company makes a change in the preparation its financial statements. Consigned goods belong to the ______ and will be added to its inventory. ______ _____ means the seller pays the cost of freight. If beginning inventory is understated, net income will be.______.

Expert Answer

 

Solution.

1. Perpetual inventory system

Explanation:

In perpetual inventory system inventory account is updated with each purchase made and each sale made. It is directly recorded in inventory account after each change in inventory.

2.

Periodic inventory system

Explanation:

In periodic inventory system, inventory account is updated after a certain period. Each transaction is recorded in purchase account and it is updated continuously  but inventory account is updated at the end of accounting period (e.g. monthly, quarterly)

3. Ending inventory

Explanation:

Cost of good sold =cost of good available for sale-ending inventory

Or we can say

Cost of good sold + ending inventory =cost of good available for sale

Rest are not clear, data is cut from the corner, make it hard to understand.

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