Describe how the perpetual inventory system works
Describe how the perpetual inventory system works. What are some advantages of using the perpetual inventory system? Is is necessary to take physical inventory when using the perpetual system?
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At the end of 2009, Extreme Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts.
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The beginning work in process inventory was 70% complete with respect to materials and 25% complete with respect to conversion costs.
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