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Author Question: Woods company uses the perpetual inventory system. At year end the general ledger indicated that ... (Read 345 times)

kellyjaisingh

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on: Feb 18, 2020
Woods company uses the perpetual inventory system. At year end the general ledger indicated that this company had a balance of $47,000 in the Inventory account. Actual inventory on hand per a physical count was $48,500. What action does the company now need to take?
◦ No action is needed; the difference between the ledger and actual is less than 5%.
◦ The company should debit the Purchases account and credit Cost of Goods Sold.
◦ The company needs to debit Cost of Goods Sold and credit Inventory, $1,500.
◦ The company needs to debit Inventory and credit Cost of Goods Sold for $1,500.
Financial Accounting ¦ Kemp, Waybright ¦ 5th Edition
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Marked as best answer by kellyjaisingh on Feb 18, 2020

Pariscourtney

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Reply #1 on: Feb 18, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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b0dhi

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Reply #2 on: Apr 13, 2022
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