How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Bizhelp Your Own Question
Bizhelp, CPA
Category: Homework
Satisfied Customers: 5884
Experience:  Bachelors Degree and CPA with Accounting work experience
Type Your Homework Question Here...
Bizhelp is online now
A new question is answered every 9 seconds

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

This answer was rated:

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:


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

Thanks for requesting me.

Please provide the missing data and choices for Question #12.
Customer: replied 5 years ago.

You need to spend $3 to view this post. Add Funds to your account and buy credits.
Bizhelp and other Homework Specialists are ready to help you