Hicksville's Department Store Uses a Perpetual Inventory System

question 129

Multiple Choice

Hicksville's Department Store uses a perpetual inventory system. At year-end, the balance in the Inventory controlling account is $1,200,000. Assuming that the inventory records have been maintained properly, a year-end physical inventory:

• A) Is unnecessary.
• B) Is needed to establish the ending inventory, as the $1,200,000 balance in the Inventory controlling account represents the beginning inventory.
• C) Probably will indicate more than $1,200,000 in merchandise on hand.
• D) Probably will indicate less than $1,200,000 in merchandise on hand.

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