Question

Explain some of the disadvantages of the periodic system to a larger businen,
such as a Sears store.
PROBLEM 6.4 Satellite Trackers sells satellite tracking systems for receiving television brond.
Comparlson of casts from satellites in outer space. At December 31 last year, the company's inven
tory amounted to $22,000. During the first week of January this year, the
made only one purchase and one sale. These transactions were as follows:
Jan. 3 Sold one tracking system costing $11,200 to Mystery Mountain Resort
for cash, $18,900.
Jan. 6
Purchased merchandise on account from Yamaha, $9,600. Terms, net 30
days.
tems
company
INSTRUCTIONS a Prepare journal entries to record these transactions assuming that Satelli
Trackers uses the perpetual inventory system. Use separate entries to
cord the sales revenue and the cost of goods sold for the sale on January
b Compute the balance of the Inventory account on January 7.
e Prepare journal entries to record the two transactions assuming that Sate
Trackers uses the periodic inventory system.
d Compute the cost of goods sold for the first week of January assuming use
periodic inventory system. Use your answer to part b as the ending inven
e Which inventory system do you believe that a company such as Satellite T
ers would probably use? Explain your reasoning.
PRODLEM 3-5
Alternate to
Halley's Space Scope sells state-of-the-art telescopes to individuals and org
tions interested in studying the solar system. At December 31 last year, the​

Answer 1

Answer:

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