Briggs Corporation Uses the Perpetual Inventory Method

question 73

Multiple Choice

Briggs Corporation uses the perpetual inventory method.On March 1, it purchased $10,000 of inventory, terms 2/10, n/30.On March 3, Briggs returned goods that cost $1,000.On March 9, Briggs paid the supplier.On March 9, Briggs should credit

• A)purchase discounts for $200.
• B)inventory for $200.
• C)purchase discounts for $180.
• D)inventory for $180.

Identify the concept of locus of control and its implications on individuals' perceptions of personal influence.

Understand the notion of reinforcement value and its role in predicting behavior.

Grasp the importance of self-esteem through various stages of life.

Recognize the dynamics of goal setting and its impact on achieving personal and professional objectives.

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Definitions:

Conversion Costs

The total expense required to convert raw materials into finished goods, including labor and overhead costs.

Process Costing

An accounting methodology that traces and accumulates direct costs, and allocates indirect costs of a manufacturing process, to calculate the total cost of manufacturing a product.

Weighted-Average Method

An inventory costing method that calculates the cost of goods sold and ending inventory based on the average cost of all goods available for sale during the period.

Conversion Costs

The sum of direct labor and manufacturing overhead costs, representing the costs incurred to convert raw materials into finished goods.