Indicate Whether the Following Accounts Are Used in the Periodic

question 122

Essay

Indicate whether the following accounts are used in the periodic inventory method,perpetual inventory method,or both by placing an X on the respective line(s).

---

Definitions:

Markup Percent

The proportion by which the price of an item is marked up to establish its retail price.

Markup Percent

The percentage increase on the cost price of goods to determine the selling price, representing the profit margin.

Cost

The amount of money required to purchase, produce, or maintain something, often considered in business and financial contexts.

Markup Percent

The percentage increase on the cost price of goods to arrive at the selling price.