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Find which statements is correct for a company

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Problem 1: When using the moving-average cost formula with a perpetual system,

a) a weighted-average cost is calculated at year end.

b) a new unit cost is calculated each time a sale is made.

c) a new unit cost is calculated each time a purchase is made.

d) a new unit cost is calculated both when a sale is made and when a purchase is made.

Problem 2: All else being equal, which of the following statements is correct for a company that uses the FIFO costing formula with a perpetual inventory system (compared to a periodic system)?

a) The value of the ending inventory would be higher under a periodic system.

b) The value of the ending inventory would be lower under a periodic system.

c) The value of the ending inventory would be the same under both systems.

d) The periodic system would not require any additional entries at the end of the period.

Reference no: EM132708735

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