How do perpetual system works? What are the types of plant assets? What are roa measures?

Name: ACCT 2010 EXAM 3 STUDY GUIDE CH 6&7
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Exam 3 Study Guide: Chapter 6&7 Chapter 6: Inventory and Costs of Goods Sold I. Accounting for Inventory A. Compare and contrast a service entity and a merchandising entity: inventory is now included on the balance sheet as a current asset (units x price); sales revenue and cost of goods sold (COGS) are now on the income statement, subtracted to get gross profit, COGS is an xpense B. Sale price vs. cost of inventory 1.Sales revenue: based on sale price of the inventory sold 2.Cost of goods sold: based on the cost the inventory was bought for 3.Inventory: on the BS inventory is based on the cost of inventory left on hand 4. Gross