Turner Inc. buys and sells merchandise sold on a local college campus. It uses the perpetual inventory system. On Jan 5, Turner sold inventory for $900 cash. The original cost of this inventory was $250.

Rrequired:
Record the transactions.

Which one of the following statements is correct? process costing systems use periodic inventory systems. process costing systems assign costs to departments or processes for a time period. companies that produce many different products or services are more likely to use process costing systems. production is continuous when a job-order costing is used to ensure that adequate quantities are on hand.