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Category > Management Posted 29 Sep 2017 My Price 6.00

merchandising companies

Exercise 5-3  Perpetual and Periodic Inventory Systems

Following is a partial list of account balances for two different merchandising companies. The amounts in the accounts represent the balances at the end of the year before any adjustments are made or the books are closed.

 

(Continued )

 

LO2

EXAMPLE 5-3

 

 

 

 

 

 

 

272                                                                                               Chapter 5           Inventories and Cost of Goods Sold

 

Company A

 

Company B

 

Sales Revenue

$50,000

Sales Revenue

$85,000

Sales Discounts

3,000

Sales Discounts

2,000

Merchandise Inventory

12,000

Merchandise Inventory

9,000

Cost of Goods Sold

38,000

Purchases

41,000

 

 

Purchase Discounts

4,000

 

 

Purchase Returns and Allowances

1,000

Required

1.        Identify which inventory system, perpetual or periodic, each of the two companies uses. Explain how you know which system each company uses by looking at the types of accounts on its books.

2.        How much inventory should Company A have on hand at the end of the year? What is its cost of goods sold for the year?

3.        Explain why you cannot determine Company B’s cost of goods sold for the year from the in- formation available.

 

Answers

Maurice Tutor
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Status NEW Posted 29 Sep 2017 11:09 PM My Price 6.00

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