1. The following is the structure of inventory master file of XYZ Cosmetic Company and relateddescription:StoreBalanceinventoryNumberinventoryNameAddress$ 30,000Р.О. Вох 7P.O. Box 12 $ 45,000Р.О. Вох 919283Sampo35794Cream56987Soap$ 25,000Description"This subsidiary transaction file stores information about four different entities. There are fourrecords in this file and three separate fields in each record. Each field contains an attribute thatdescribes a data value of a particular entity".As expert, re-write the above description correcetly.

Entity-Relationship Data Model: The entity-relationship (ER) data model has been around for over 35…

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...

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ventory record for each of the 60 types of products the company keeps in stock. The following Perptual Imentory Raco Frecutive Suites, Inc., uses a perpetual inventory, systém. This system includes a perpetual in- pROnLNAN transactions show the purchases and sales of a particular desk chair (product code DC-7) during pl Imentory Ruco September: Balance on hand, 50 units, cost $60 each .., Sept. 1 Sept. Sept. 8 Sept. 9 Sept. 20 Sept. 25 Sept. 30 Sale, 5 units, sales price $110 each ...$3,000 4 Purchase, 20 unita, cost $65 each ...1,300 Sale, 35 units, sales price $100 each.. 3,500 2,00 ...6,000 Purchase, 40 units, cost $65 each Sale, 60 units, sales price $100 each.. 2.800 Purchase, 40 units, cost $70 each 550
Using the information provided in RE8-4, prepare the journal entry to record the write-down of inventory for Paul Corporation assuming that it uses the allowance method instead of the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down if inventory.
Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory.
A transaction was recorded that debited inventory for $1,000 and credited accounts payable for $1,000. Which of the following would most likely be used as the internal source document for this transaction? purchase order vendor invoice purchase requisition receiving report
5. Inventory structures for inventory receipt process Refer to figure 2-30 in the text and the discussion about updating master files from transaction files. The discussion pertains to the record structures for a sales transaction. Prepare a diagram (similar to figure 2-30) that presents the record structure for the receipt of inventory items that had been ordered previously. Assume that a purchase order file exists and will be updated through information collected via a receiving report, ehich is the transaction record. Further, assume that a purchase was made on account, and the vendor AP record needs to be updated. Do not show the general ledger records in your diagram. Explain each step in the update process.
E7-19 only
Enumerate the data and their type that you can identify or infer from the following application areas. 1. Inventory System of XYZ Wholesale Corporation. The company keeps track of pertinent information regarding all the items in stock through its computerized inventory system. This system enables the company to determine in a few keystrokes and at any time the quantity or stock level or every item. It allows XYZ to set the reorder level and reorder quantity each time such that when the stock level falls below the critical level, the item is automatically reordered from its supplier. The preparation of the purchase order is also automated because the supplier and its address, the reorder quantity, the unit cost, and the description of the item are all available on the computer. When an item in stock is replenished (supplied) or diminished(sold), its inventory and its potential profit margin because the unit selling price aside from the unit acquisition cost of each item is also stored…
Q-1: What is Perpetual and Periodic Inventory System? Explain the differences between both. Record all the transactional entries for the sales and purchases of inventory.
Assuming that Bramble uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
nventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1 250 1.50 1.55 C 2 200 4.90 5.15 D 2 100 6.50 6.40 E 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following?
Subject: acounting
The Purchase Order and Shipment Receipt tables from an AIS are partially represented below. Refer to these tables for questions 5-6. Purchase Orders Shipping Receipts PO# Date Total Rec# Date PO# 578 5/1/2018 $987.65 922 5/3/2018 578 579 5/15/2018 $834.23 923 5/17/2018 579 580 5/18/2018 $562.11 924 5/31/2018 581 5. Assume all records for May 2018 are entered. A reconciliation between the PO and Shipping Receipt tables could help discover which of the following? A. A supplier sends an invoice, but payment is not made on time. B. A supplier fails to send goods for a purchase order. C. A supplier invoices for a greater quantity than the shipment. D. A supplier invoices at a higher price than negotiated in the PO. 6. When the invoice is received for PO# 578, what data should be matched before payment? A. The quantity from the PO to the quantity in the Shipping Receipts table. B. The quantity from the PO to the quantity on the invoice. C. The quantity from the Shipping Receipts table to the…

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As expert, re-write the above description correctly.