Question 6 of 33 - HW 6_Chapter 12_Inventory Management_ Fall 2023

In the Purchasing Process - Level 0 Diagram, a data flow called "inventory's purchase requisition" most likely would be sent by the inventory management process to which of the following processes? Group of answer choices a. order goods and services b. receive goods and services c. determine requirements d. none of the above.

A cost accounting system uses which of the following inventory systems? a.perpetual system b.periodic system c.a hands-on system d.both a periodic and perpetual system

The flowchart below illustrates two alternative inventory ordering methods. Answer part 1 to 3 based on this flowchart.  Required: Under what circumstances can you envision management using alternative one rather than alternative two?

Answe these questions in relation to accounting packages systems

Continuous determination of inventory ending value and gross profits are available in one of the following system Select one: a. Periodic Inventory system b. Perpetual Inventory System c. Identification method d. all the methods indicated as options

help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working

Which inventory system would have a purchases account? Group of answer choices Perpetual FIFO LIFO Periodic

The two systems of measuring inventory are: Select one: a. perpetual and periodic b. periodic and episodic c. control account and sub-ledger d. FIFO and LILO

erms and phrases relating to concepts discussed in this chapter along with descriptions of those terms and phrases follow. Match each term, 1 through 15, with the best description a through o. Key Inventory Terms and Phrases   Key Inventory Terms and Phrases Description of Terms and Phrases Answerabcdefghijklmno 1. Net realizable value a. Requires retroactive restatement of financial statements Answerabcdefghijklmno 2. Lower-of-cost-or-market b. Method for valuing inventory applying to LIFO and retail methods Answerabcdefghijklmno 3. Allowance to reduce inventory to net realizable value c. Cancellation of additional markup Answerabcdefghijklmno 4. Gross profit method d. Inventory estimation that is not acceptable under GAAP Answerabcdefghijklmno 5. Estimated loss on purchase commitment e. Method that approximates lower-of-cost-or-market Answerabcdefghijklmno 6. Change in inventory method from average to FIFO f. Not usually practical to retroactively restate or adjust…

Defining Chapter Terms Terms and phrases relating to concepts discussed in this chapter along with descriptions of those terms and phrases follow. Match each term, 1 through 15, with the best description a through o. Key Inventory Terms and Phrases    Key Inventory Terms and Phrases Description of Terms and Phrases Answerabcdefghijklmno 1. Net realizable value a. Requires retroactive restatement of financial statements Answerabcdefghijklmno 2. Lower-of-cost-or-market b. Method for valuing inventory applying to LIFO and retail methods Answerabcdefghijklmno 3. Allowance to reduce inventory to net realizable value c. Cancellation of additional markup Answerabcdefghijklmno 4. Gross profit method d. Inventory estimation that is not acceptable under GAAP Answerabcdefghijklmno 5. Estimated loss on purchase commitment e. Method that approximates lower-of-cost-or-market Answerabcdefghijklmno 6. Change in inventory method from average to FIFO f. Not usually practical to…

Which one of the following groups of items best identifies various types of inventory opportunity costs? Multiple Choice Inventory obsolescence, warehouse rent, opportunity cost of capital utilized, insurance premium on inventory. Insurance premium on inventory, cost of equipment setup for production run, cost of inventory clerk, inventory theft. Warehouse rent, insurance premium, inventory obsolescence, reorder costs. Cost of inventory tracking system, cost of forklift driver to move inventory, cost of accounts payable clerk to process bills from suppliers, insurance premium on inventory Cost of inventory clerk, cost of forklift driver to move inventory, cost of clerk to reorder inventory, cost of machine operator to set up a production run.   2. Quidi Vidi Co. has 325 motors in its inventory at the start of the week. It will use all of these in its weekly production runs and then resupply its inventory for the next week. The carrying cost per motor is $84.26. The fixed…

What are the characteristics of a Just-in-time inventory system? Explain some advantages and risks of Just-in-time inventory system.

View Policies Current Attempt in Progress Which costing method cannot be used to determine the cost of inventory items before lower-of-cost- or-net realizable value is applied? O Specific identification. FIFO. O LIFO. O All of these methods can be used. eTextbook and Media Save for Later Submit Answer Attempts: 0 of 1 used Com the s the s. Suprat Supratarbo O not co ubo