![]() Related Questions Latest Answer : Perpetual updates the inventory immediately Periodic inventory updates on monthly basis. ... Using Periodic inventory system: debit creditMerchandise inventory 7/1/05 32,000Sales 380,000Sales returns 12,000purchases 240,000 purchase discounts 6,000purchase returns 10,000freight-in View Question | Asked by : stayhomemom What is the difference between the periodic and perpetual method, How will you record it your book? Latest Answer : I am not sure in what context the user is asking but periodic and perpetual are two methods used for inventory control. Periodic inventory is undertaken more commonly to calculate the value of actual inventory of goods for the purpose of closing ... Seema Automobiles Ltd., purchesed a machine for Rs. 60,000 on 1st july, 1988. On 1st january, 1989 company purchesed an additional machine costing Rs 20,000. On 31st december, 1990 the machinery purchesed Latest Answer : Only transfer Payment ... When inventory prices are declining the, FIFO method will generally yield a gross profit that is:A Less than the LIFO methodB Equal to the average cost methodC The same as that from any other costing methodD Latest Answer : Answer is A
Gross profit is less than LIFO method. ... If a company change its depreciation method from Straight line method to another method than what will be the impact for the difference?
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