On December 31, 2018, you count 600 backpacks in inventory. During the next quarter, you carefully record the effect of each purchase and sale transaction on inventory. You buy 256 backpacks during the next quarter. On March 31, 2019, you count 576 backpacks in inventory. Which of the following is not correct?
A. The amount of shrinkage cannot be determined with this type of inventory system.
B. Your company's records would show that 280 backpacks were sold during the quarter.
C. Ending inventory on March 31, 2019 should be 576 backpacks.
D. Your company uses the perpetual inventory method.
Answer: A
You might also like to view...
Karen Horney, a psychotherapist, described people who move toward each other as aggressive
Indicate whether the statement is true or false
Which of the following accounts is not affected by cash disbursement transactions?
A. Cash. B. Accounts payable. C. Purchase returns. D. Purchase discounts.
Define the components of the acronym SMART in goal setting. Provide an example of a SMART goal and demonstrate that it meets all criteria.
What will be an ideal response?
Aggressive and competitive tactics are viewed differently when employed by women rather than men.
Answer the following statement true (T) or false (F)