When using the periodic inventory system and weighted-average inventory costing method, when is the weighted average cost per unit computed?
What will be an ideal response?
When using the periodic inventory system and weighted-average inventory costing method, the weighted average cost per unit is computed at the end of the period (a single weighted average cost per unit is computed for the entire period).
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___________________ statements recast all items on the statement as a percentage of a selected item on the statement
Fill in the blank(s) with correct word
Using a periodic inventory system, Bertram Company records inventory at lower of cost or market using the allowance method. The end-of-the-year journal entries to adjust inventories would include ?
A) ?a debit to Inventory to close beginning inventory at cost value. B) ?a debit to Inventory to close ending inventory at market value. C) ?a debit to Loss Due to Market Valuation for the excess of cost over market value. D) ?a credit to Allowance to Reduce Inventory for the excess of market over cost value.
Rafi, a director of Super Service Station Corporation, does not attend a board meet¬ing for three years. During that time, Twyla, Super's president, makes improper loans that cost the company $100,000. Rafi is most likely
a. liable for negligence or mismanagement. b. liable for violation of the business judgment rule. c. not liable because missing meetings is an honest mistake. d. not liable because missing meetings is only poor judgment.
A sale on approval is a present sale
Indicate whether the statement is true or false