Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ex7-1 control of inventories triple creek hardware

EX7-1 Control of inventories Triple Creek Hardware Store currently uses a periodic inventory system. Kevin...

80.2K

Verified Solution

Question

Accounting

image
EX7-1 Control of inventories Triple Creek Hardware Store currently uses a periodic inventory system. Kevin Carlton, the owner, is considering the purchase of a computer system that would make it feasible to switch to a perpetual inventory system OBJ. 1 Kevin is unhappy with the periodic inventory system because it does not provide timely information on inventory levels. Kevin has noticed on several occasions that the store runs out of good-selling items, while too many poor-selling items are on hand Kevin is also concerned about lost sales while a physical inventory is being taken. Triple Creek Hardware currently takes a physical inventory twice a year. To minimize distractions, the store is closed on the day inventory is taken. Kevin believes that closing the store is the only way to get an accurate inventory count. will switching to a perpetual inventory system strengthen Triple Creek Hardware's control over inventory items? Will switching to a perpetual inventory system eliminate the need for a physical inventory count? Explain

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Could your please explain the relationship between firm value and capital structure.?

Finance
Q

Suggest four ways in which the concentration of PH3 could be increased in an equilibrium described...

Chemistry
Q

You’ve just started your first accounting job, as the accounts payable and payroll clerk for Copperfield...

Accounting
Q

Mirabel wanted to test the following hypothesis:Bearded iris plants grow more quickly and are healthier...

Biology
Q

The Internal Revenue Service claims that the mean wait time for callers during a recent...

Basic Math
Q

Two soccer players are warming up by kicking soccer balls at a goalie. The two...

Basic Math
Q

The cost of holding a party at a rollerskating rink is a function of n...

Algebra
Q

The plant assets section of the comparative balance sheets of Anders Company is reported below....

Accounting
Q

Exercise 10-4 a-b (Video) Myers Company uses a flexible budget for manufacturing overhead based on...

Accounting
Q

The adjusted trial balance of the Melton and Yount Partnership for the year ended December...

Accounting
Q

Direct Materials, Direct Lobor, ond Factory Overhead Cost Variance Analysis Santiago Inc processes a base...

Accounting
Q

Liabilities are $250,000. Owners equity is $100,000. What is the amount of ASSETS?

Accounting