Which Statement Is Correct for About Inventory Systems

question 27

Multiple Choice

Which statement is correct for about inventory systems?

• A)The periodic inventory system provides more information to allow an enterprise to better manage its inventories.
• B)Cost of goods sold is a not a calculated number under the periodic inventory system.
• C)The final amounts reported in statements are the same under both the periodic and perpetual systems.
• D)The periodic inventory system continuously updates information about the amount of inventory on hand.

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Definitions:

Supply of Labor

Refers to the total hours that workers wish to work at a given real wage rate, across the entire economy.

Demand for Labor

The total amount of workers that employers are willing and able to hire at a given wage rate in a certain period.

Union Membership

The state of being a member of a labor union, which is an organization that represents the collective interests of workers in negotiations with employers.

Manufacturing

The process of converting raw materials or components into finished goods through the use of tools, human labor, machinery, and chemical processing.