FAD Company Uses a Periodic Inventory System and Its Inventory

question 54

Multiple Choice

FAD Company uses a periodic inventory system and its inventory records for the period contain the following information: The journal entry necessary at the end of the period to adjust cost of goods sold for the ending inventory still on hand will include which of the following?

• A)Debit Inventory for $6,250.
• B)Credit Cost of Goods Sold for $11,250.
• C)Debit Purchases for $11,250.
• D)Credit Inventory for $6,250.

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Definitions:

Nonpersonal Source

A communication or marketing message delivered through media or other channels that do not involve personal contact or direct interaction.

Computing Resources

Refers to the hardware and software components, such as servers, computers, software applications, and networks, that are necessary for processing, managing, and storing data.

Marketing Mix Elements

The components of a marketing strategy, traditionally identified as product, price, place, and promotion, used to meet the needs of a target market.

Dependent Variables

In research, these are variables that are expected to change as a result of changes in the independent variables.