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in a perpetual inventory system, which of the following statements are true? (check all that apply.) multiple select question. the purchaser should record freight-in as an asset, inventory. the purchaser should record freight-in as a selling expense. the seller should record freight-out as a selling expense. the seller should record freight-out as cost of goods sold.

Respuesta :

In a perpetual inventory system, the statements that are true statements includes:

  • The seller should record freight-out as a selling expense
  • the purchaser should record freight-in as an asset, Inventory.

What is a perpetual inventory system?

In accounting, a perpetual inventory means the method that continuously records inventory changes in real time with computerized point-of-sale systems by removing the need for physical inventory checks. This perpetual inventory provides a detailed view of changes in inventory with immediate reporting of the amount of inventory in stock and accurately reflects the level of goods on hand.

Going forward, the system of perpetual inventory is a program that continuously estimates your inventory based on your electronic records, not a physical inventory and starts with the baseline from a physical count and updates based on purchases made in and shipments made out.

In conclusion, the advantages of a perpetual inventory system are real-time updates, more exact forecasts but we must be aware of the disadvantages and its drawbacks includes lost items, scan errors, theft, hacking, etc.

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