When a Company Uses the Perpetual Inventory Method,which of the Following

question 48

Multiple Choice

When a company uses the perpetual inventory method,which of the following would be the entry to adjust inventory to lower-of-cost-or-market?

• A) debit Loss on Inventory and credit Merchandise Inventory
• B) debit Merchandise Inventory and credit Inventory Adjustment
• C) debit Cost of Goods Sold and credit Merchandise Inventory
• D) debit Merchandise Inventory and credit Cost of Goods Sold

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Definitions:

Squids

Marine cephalopods characterized by their bilateral symmetry, large eyes, eight arms, and two longer tentacles.

Equilibrium Potential

The membrane potential at which the flow of a particular type of ion inward (due to the electrical gradient) equals the flow of that ion outward (because of the concentration gradient).

Permeable

A characteristic of materials that allow liquids or gases to pass through them, often used in the context of biological membranes.

Being Co-opted

This process involves incorporating individuals or elements from outside groups into a project or organization with the intent of minimizing opposition or gaining external support.