FNS40217 Certificate IV In Accounting And Bookkeeping - Assessment Activities Tasks

Get Expert's Help on Assessment Writing

Question 6

Barbell Sports Pty Ltd has adopted a perpetual inventory system.

Required:

a. Which of the following sequences best describes the keys steps in a perpetual inventory system? (Select the correct answer)

  1. Purchases recorded on stock card > COGS recorded at time of sale > period end stocktake.
  2. Purchases recorded on stock card > Period end stocktake > COGS determined by stocktake.
  3. Purchases recorded as an expense > no entry to COGS at time of sale > COGS determined by stocktake.

b. Under the perpetual inventory system, an inventory gain has been detected. The journal to record this gain would be:

Debit Account: (enter the account name)_____________
Credit Account: (enter the account name)_____________

Get Your Customize Task on any subject starting 10$/Page

Expert's Answer

Hire Our PhD Expert Writers

 

Need Urgent Academic Assistance?

Get Professional Help at Low Prices!

*
*
*


*

 

 

Plagiarism Checker

Submit your documents and get Plagiarism report
Check Plagiarism

Chat with our Experts

Want to contact us directly? No Problem. We are always here for you

TOP
Order Notification

[variable_1] from [variable_2] has just ordered [variable_3] Assignment [amount] minutes ago.