The increasing use of computers and optical scanning devices at the point-of-sale probably will cause more businesses to switch from periodic to perpetual inventories.
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Q26: Under conditions of rising prices, the FIFO
Q27: If a difference is found between the
Q28: The term "LIFO" relates to the merchandise
Q29: Under the periodic system of accounting for
Q30: In the perpetual inventory system, no year-end
Q32: The gross profit (inventory valuation) method is
Q33: Under the periodic inventory system, the merchandise
Q34: Under the retail (inventory valuation) method, the
Q35: Costs of goods sold may include all
Q36: The retail method of inventory is preferred
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