Answered: 10 A manufacturer that carries very…

10 A manufacturer that carries very little inventory likely follows the Select one: a. just-in-time method. b. replacement method. c. allowance method. d. indirect method.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle

Section: Chapter Questions

Problem 12CYBK

See similar textbooks

Related questions

Q: Components of Internal Controls

A: The five internal control components offer an organized method for making sure a business runs…

Q: just give correct answer no explanation wanted

A: Explanation: Gross margin is the difference between sales revenue and the cost of goods sold. The…

Q: Papa

A: Explanation: In the given case, we are required to calculate net income of the firm by using the…

Q: The Golden Gate Company had the following Sales and Expenses during its first year of operations:…

A: Step 1: Definition of Gross MarginGross Margin represents the amount of money a company retains from…

Q: Financial Accounting Question answer step by step with explanation

A: Step 1: Define Notes PayableIt is the current liability of the organization, which are due for…

Q: short account answer wanted

A: 1. Key Reasons for Purchasing Mutual Fund SharesMutual funds provide a practical and less risky…

Q: niki.2

A: a).Computation of Depreciation using Double Declining Balance method : YearBeginning Book ValueDep…

Q: Required information Use the following information for the Quick Study below. (Algo) (15-18) [The…

A: Requirement 1: Computation of the cost of goods sold and ending inventory balance under the weighted…

Q: A stock dividend___?

A: Stock dividends are recorded as a reduction of retained earnings and, at the same time, an increase…

Q: The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and…

A: Step 1:Lease liability is initially measured at present value of remaining lease payments discounted…

Q: Answer in step by step with explanation. Don't use Ai and chatgpt.

A: Step 1) Calculation of Total Order Filling Costs and Sales Force Costs:ParticularsLarge…

Q: Need help with this accounting question

A: Step 1: Define Overhead AllocationThe management can allocate factory overhead expenses to product…

Q: Marigold Inc. had a beginning inventory of $11, 800 at cost and $21,000 at retail. Net purchases…

A: Step 1: Prepare DataGiven Information:Beginning Inventory at Cost = $11,800Beginning Inventory at…

Q: suggest and give true answer for this account questions

A: Step 1: Define the Contribution Margin and Net Operating Income (NOI) Formulas1. Contribution Margin…

Q: In 2023 Bauer Corporation incurs the following costs in development of new products: Laboratory…

A: Detailed explanation:Allowable Deductions : Laboratory Supplies$ 55,000Salaries 90,000Utilities…

Q: Q4. Prepare the Cash Flow Statement of Concha Limited for the year ended 31 December 2023. Please…

A: Step by stepCash Flows from Operating ActivitiesProfit before Tax: R 720,000Adjustments for Non-Cash…

Q: tutor help me

A: Step 1: Definition of Gross MarginThe gross margin represents the difference between the revenue…

Q: Many businesses borrow money during periods of increased business activity to finance inventory and…

A: 1. Journal Entry on November 1Federal Way receives $4.8 million in cash. This increases the…

Q: Visions designs, markets, and distributes audio and gaming headphones, earbuds, and speakers. Assume…

A: Computation of average days accounts payable outstanding by using the following formula:…

Q: General accounting

A: Step 1: Define Operating LeverageThe cost accounting method used in the computation of the…

Q: Solve these general accounting question not use ai

A: Step 1:First calculate the predetermined overhead allocation rate: Predetermined overhead rate =…

Q: PJS Company has 20,000 common shares outstanding with no preferred shares in its capital structure.…

A: We are given the following details;Loss from Continuing Operations: −600,000Income from Discontinued…

Q: hsl

A: Step 1: Understand the ScenarioTax legislation passed in 2022Tax rate will decrease to 15% in…

Q: Financial Accounting Question need answer please

A: Step 1: Define Cash OutflowsThe current balance in the cash account decreases when cash flows out of…

Q: Provide correct answer the accounting question

A: Step 1 explained above. Step 2: Step 3: Step 4:

Q: Land

A: Explanation of Allocation of Costs:Allocation of costs is the process of distributing a lump-sum…

Q: Discuss the accounting treatment for goodwill

A: Accounting Treatment for Goodwill:A. Definition and NatureGoodwill is an intangible asset…

Q: Billy's Exterminators

A: a. Earnings per share = Net income*/Shares of common stock outstandingEarnings per share =…

Q: Raleigh Department Store uses the conventional retail method for the year ended December 31, 2022…

A: Let's first organize the data and calculations needed to find the ending inventory for 2022 using…

Q: Borrowing costs on qualifying assets are? a) Always expensed b) Capitalized during the construction…

A: Explanation of Borrowing Costs: Borrowing costs are interest and other expenses that a company…

Q: Calculate

A: Explanation of Gross Wages:Gross wages refer to the total amount earned by an employee before any…

Q: On October 1, McReady Company paid six months insurance in advance totaling $7,800. Please answer…

A: Step 1: Define Prepaid insuranceThe cost of an insurance policy paid for in advance of the coverage…

Q: Then direct labor is

A: Explanation of Prime Costs: Prime costs represent the sum of direct materials and direct labor costs…

Q: In 2025, Teal Corporation discovered that equipment purchased on January 1, 2023, for $40,000 was…

A: Step 1: Calculate DepreciationEquipment cost: $40,000Useful life: 5 yearsAnnual depreciation…

Q: General account

A: IntroductionIn accounting for utilities, revenue recognition is a crucial aspect that ensures…

Q: ?

A: Explanation of Ceiling Test: The ceiling test is a crucial accounting concept in defined benefit…

Q: Jenkins plans to generate $650,000 of sales revenue if a capital project is implemented. Assuming a…

A: Step 1: Given Value for Calculation Sales Revenue = s = $650,000Tax Rate = t = 30% Step 2:…

Q: Current Designs faces a number of important decisions that require incremental analysis. One of…

A: Step 1: Incremental Analysis shows the net income increase or decrease from choosing one option over…

Q: solve this account subject question

A: Step 1: Calculate Cost of Goods Sold (COGS)• Beginning Inventory + Purchases - Ending InventoryStep…

Q: I need do fast typing clear urjent no chatgpt used i will give 5 upvotes pls full explain with…

A: To solve this problem, we'll need to go step-by-step through the required tasks. First, we'll need…

Q: posting in account

A: Preparing the Sales Revenue Section of the Income StatementTo prepare the sales revenues section of…

Q: Get correct answer

A: Days sales outstanding (DSO) is a working capital metric used to determine the average number of…

Q: for this account que. please give short answer

A: Step 1: Given Data:Current assets = $407,000Total assets = $902,000Cost of goods sold (COGS) =…

Q: E8.21 (LO 5) (Retail Inventory Method) Presented below is information related to Ricky Hender- son…

A: To compute the inventory using the conventional retail inventory method, we can follow these…

Q: 2.0

A: Step 1:Standard cost is the cost which is set by organisation that should be incurred, if there is…

Q: Provide answer this accounting question

A: Step 1:The cost of goods available for sale is calculated as follows: Cost of goods available for…

Q: A company has a profit margin of 6.5% and an equity multiplier of 2.8. Its sales are $750 million,…

A: DuPont Analysis is a framework of the ratio components of return on equity (ROE) to determine the…

Q: Accounting Problem solve

A: Step 1: Definition of Gain or Loss on Asset Disposal:When a company sells one of its fixed assets,…

Q: Required information Problem 19-44 (LO 19-2) (Algo) Skip to question [The following information…

A: To solve these questions, let's go through each part and compute the values based on the information…

Q: Total period cost

A: Explanation of Period Costs:Period costs are expenses that are not directly related to manufacturing…

Question

A manufacturer that carries very little inventory likely follows the

Select one:

a. just-in-time method.

b. replacement method.

c. allowance method.

d. indirect method.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Which type of inventory might a service provider report? Select one: O O O O a. raw materials b. work-in-process c. finished goods d. two or more of a, b, and c. e. a service provider never reports inventory Check
please help solve 21
ah - ELearning Which method tracks the actual physical flow of goods and each item of inventory is marked, tagged, or coded with unit cost. O a. First in, first out O b. Last in, last out O c. Weighted average method O d. Specific identification method 20 A contingent liability should be recorded in the accounts when: O a. it is reasonably possible the contingency will happen, but the amount cannot be reasonably estimated O b. it is probable the contingency will happen, and the amount owed can be reasonably estimated O citis reasonably possible the contingency will happen, and the amount can be reasonably estimated Od itis probable the contingency will happen, but the amount cannot be reasonably estimated ut of ous page Next page Next activity ous activity ump to. Chapter-1-PPT-Slides- Introduction to the Conceptual Framework for Financial Reporting SIGNMENT - Intermediate ACcounting 1 -in touch AFR 10) a A F2 F5 F6 F7 F8 F9 F10 F11 F3 F4 GIO 144 &
Which of the following is an advantage of the periodic inventory system?A. frequent physical inventory countsB. cost prohibitiveC. time consumingD. real-time information for managers
When inventory items are highly specialized, the best inventory costing method is ________.A. specific identificationB. first-in, first-outC. last-in, first-outD. weighted average
2. What are some costs associated with high inventories? 3. What is a “supply chain,” and how are supply chains related to just-in-time inventory procedures?
17. As the order size increases, carrying cost and ordering cost 18. The optimum amount to order each time is referred to as the 9. The optimum inventory level requiring a reorder of goods is referred to as the 0. The method requires that greater control be exercised over higher-valu merchandise.
A JIT inventory management system maintains which of the following? a. Goods should be pushed through the system on a fixed schedule based on anticipated demand. b. Goods should be pulled through the system by present demand. c. Total inventory costs are minimized by balancing setup and carrying costs. d. Inventories are needed to avoid stock-out costs.
Which of the following is a disadvantage of the perpetual inventory system? A. Inventory information is in real-time. B. Inventory is automatically updated. C. It allows managers to make current decisions about purchases, stock, and sales. D. It is cost-prohibitive.
Which inventory costing method is almost always done on a perpetual basis? A. specific identification B. first-in, first-out C. last-in, first-out D. weighted average
Explain why, in the traditional view of inventory, carrying costs increase as ordering costs decrease.
The tracking of inventory shrinkage due to theft, damage, or errors is completed with the help of a (n) inventory. OA. physical count B. authorization C. sale OD. delivery BI of