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Bizhelp, CPA
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For BizHelp: 11 The term "inventory" indicates a. materials

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For BizHelp:

11 The term "inventory" indicates
a. materials in the process of production or held for production
b. merchandise held for sale in the normal course of business
c. supplies
d. both [merchandise held for sale in the normal course of business] and [materials in the process of production or held for production

12 The proper journal entry to record the receipt of inventory purchased on account in a perpetual inventory system would be:

IMAGE INCLUDED AT BOTTOM
a.
b.
c.
d.

13 Under a perpetual inventory system, the amount of each type of merchandise on hand is available in the
a. customer's ledger
b. inventory ledger
c. creditor's ledger
d. merchandise inventory account

14 Which of the following companies would be more likely to use the specific identification inventory costing method?
a. Gordon's Jewelers
b. Lowe's
c. Wal-Mart
d. Best Buy

15 If the cost of an item of inventory is $50 and the current replacement cost is $57, the amount included in inventory according to the lower of cost or market is
a. $50
b. $7
c. $107
d. $57

16 The two most widely used methods for determining the cost of inventory are
a. LIFO and average
b. FIFO and average
c. gross profit and average
d. FIFO and LIFO

17 If a manufacturer ships merchandise to a retailer on consignment, the unsold merchandise should be included in the inventory of the
a. retailer
b. consignee
c. manufacturer
d. shipper

18 The method of computing inventory that uses records of the selling prices of the merchandise is called
a. retail method
b. first-in, first-out
c. average cost
d. last-in, first-out

19 Taking a physical count of inventory
a. is not necessary when a periodic inventory system is used
b. is a detective control
c. has no internal control relevance
d. is not necessary when a perpetual inventory system is used

20 Under a perpetual inventory system, when a shortage is discovered
a. Merchandise Inventory is debited
b. Merchandise Inventory is credited
c. Inventory Shortages is credited
d. Cost of Merchandise Sold is credited
Hi,

Thanks for requesting me.

Please provide the missing data and choices for Question #12.
Customer: replied 4 years ago.
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