Quiz Ch 06 – Inventory Ownership in Consignment Sales
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Who will include the consignment inventory in their inventory, Company A or Company B?
Who will include the consignment inventory in their inventory, Company A or Company B?
What is the required journal entry under U.S. GAAP when the historical cost of a company’s ending inventory using FIFO is less than the net realizable value?
What are the journal entries prepared at the end of the accounting period to remove inventory balances under the periodic inventory system?
In a perpetual inventory system, what journal entry is recorded to account for the purchase of inventory on an account?
What journal entry(ies) are recorded in a perpetual inventory system when two units of merchandise are sold on an account?
How many journal entries are required under a perpetual inventory system when a sale is made?
What is the appropriate journal entry for recording a purchase of inventory on account in the periodic inventory system?
What is the journal entry for recording the cost of ending inventory determined by physical count in the periodic inventory system?
What is the appropriate journal entry for removing the beginning inventory in the periodic inventory system?
What costs are used to determine ending inventory cost using LIFO?