Solved

Match Each Description to the Appropriate Inventory System

Question 208

Matching

Match each description to the appropriate inventory system.

Premises:

Responses:

This system can be costly and time consuming if not computerized.

Perpetual

Average cost is rarely used with this system.

Periodic

Under this system, only revenue is recorded when sales are made.

When using this system, a physical inventory is necessary to determine cost of goods sold.

Premises:

This system can be costly and time consuming if not computerized.

Average cost is rarely used with this system.

Under this system, only revenue is recorded when sales are made.

When using this system, a physical inventory is necessary to determine cost of goods sold.

Responses:

Perpetual

Periodic

Correct Answer:

Premises:

Responses:

This system can be costly and time consuming if not computerized.

Average cost is rarely used with this system.

Under this system, only revenue is recorded when sales are made.

When using this system, a physical inventory is necessary to determine cost of goods sold.

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