Question

2. Prepare the entry (in good form) to move the intermediate (temporary) accounts used in the periodic system to Cost of Goods Sold for 2020. 3. Your BUS 285 instructor discussed periodic and perpetual inventory systems. To date, you have been using a periodic inventory system for ESER. You decided to review your BUS 285 notes and prepare a summary of how a perpetual inventory system differs from a periodic inventory system and which type of inventory system would be more appropriate for Bob to use at ESER. 4. Explain the differences in the journal entries when you buy and sell something in both systems and list the accounts used in each system to do these journal entries. Also explain how cost of goods sold is calculated in both systems.

          2. Prepare the entry (in good form) to move the intermediate (temporary) accounts used
in the periodic system to Cost of Goods Sold for 2020.
3. Your BUS 285 instructor discussed periodic and perpetual inventory systems. To date, you
have been using a periodic inventory system for ESER. You decided to review your BUS
285 notes and prepare a summary of how a perpetual inventory system differs from a
periodic inventory system and which type of inventory system would be more appropriate
for Bob to use at ESER.
4. Explain the differences in the journal entries when you buy and sell something in both
systems and list the accounts used in each system to do these journal entries. Also explain
how cost of goods sold is calculated in both systems.

2. Prepare the entry (in good form) to move the intermediate (temporary) accounts used
in the periodic system to Cost of Goods Sold for 2020.
3. Your BUS 285 instructor discussed periodic and perpetual inventory systems. To date, you
have been using a periodic inventory system for ESER. You decided to review your BUS
285 notes and prepare a summary of how a perpetual inventory system differs from a
periodic inventory system and which type of inventory system would be more appropriate
for Bob to use at ESER.
4. Explain the differences in the journal entries when you buy and sell something in both
systems and list the accounts used in each system to do these journal entries. Also explain
how cost of goods sold is calculated in both systems.

Added by Elizabeth S.

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