The system of recording goods intended for sale that maintains the merchandise inventory account in every transaction is the Perpetual inventory system.

Here's a step-by-step explanation:

1. In a Perpetual Inventory System, every time an item is bought, sold, or returned, the inventory account is updated in real-time.

2. This system keeps a running tally of inventory on hand, which provides a high level of inventory control.

3. It allows for immediate reporting of the amount of inventory in stock, and accurately reflects the level of goods on hand.

4. Under this system, the company keeps detailed records of the cost of each inventory purchase and sale, and the records continuously show the inventory that should be on hand.

5. Therefore, a company can, at any time, determine the cost of the goods sold, ending inventory, and gross profit.

So, the answer is Perpetual inventory.

Question

The system of recording goods intended for sale that maintains the merchandise inventory account in every transaction is the Perpetual inventory system.

Here's a step-by-step explanation:

1. In a Perpetual Inventory System, every time an item is bought, sold, or returned, the inventory account is updated in real-time.

2. This system keeps a running tally of inventory on hand, which provides a high level of inventory control.

3. It allows for immediate reporting of the amount of inventory in stock, and accurately reflects the level of goods on hand.

4. Under this system, the company keeps detailed records of the cost of each inventory purchase and sale, and the records continuously show the inventory that should be on hand.

5. Therefore, a company can, at any time, determine the cost of the goods sold, ending inventory, and gross profit.

So, the answer is Perpetual inventory.

Knowee AI · Accepted Answer

The system of recording goods intended for sale that maintains the merchandise inventory account in every transaction is the Perpetual inventory system.

Here's a step-by-step explanation:

1. In a Perpetual Inventory System, every time an item is bought, sold, or returned, the inventory account is updated in real-time.

2. This system keeps a running tally of inventory on hand, which provides a high level of inventory control.

3. It allows for immediate reporting of the amount of inventory in stock, and accurately reflects the level of goods on hand.

4. Under this system, the company keeps detailed records of the cost of each inventory purchase and sale, and the records continuously show the inventory that should be on hand.

5. Therefore, a company can, at any time, determine the cost of the goods sold, ending inventory, and gross profit.

So, the answer is Perpetual inventory.

This system of recording goods intended for sale maintains the merchandise inventory account in every transactionGroup of answer choicesPeriodic inventoryPerpetual inventoryJust-in-time inventoryMaintenance inventory

Question

Solution

Similar Questions

Upgrade your grade with Knowee