If a company uses an actual cost system,inventory records can first be updated from the
A)vendor invoice
B)purchase order
C)receiving report
D)purchase requisition

Question

Quizplus · Accepted Answer

The actual cost system updates inventory records based on the actual cost of items purchased, which is determined from the vendor invoice. This document provides the final and actual cost of goods, including price adjustments, discounts, and additional charges, making it the most accurate source for updating inventory records in an actual cost system.

If a Company Uses an Actual Cost System,inventory Records Can