Classify the following items as either:   TPS—transaction processing system FRS—financial reporting system MRS—management reporting system   1. Variance reports   2. Sales order capture   3. Balance sheet   4. Budgets   5. Purchase order preparation   6. Tax returns   7. Sales summary by product line   8. Cash disbursements preparation   9. Annual report preparation   10. Invoice preparation   11. Cost-volume-profit analysis   12. Journal entries

Q: Explain the LIFO retail inventory method.

A: LIFO: Under this inventory method, the units that are purchased last, are sold first. Thus, it…

Q: FIFO or LIFO

A: Inventory is the current assets reported under the head current assets in the balance sheet of the…

Q: Calculate the gross profit and the sales figures using the income statement approach.

A: Income statement approach refers to the approach which is used to determine the gross profit and it…

Q: 42. Sale of inventory on credit Debit Credit a. Cost of sales b. Cash Sales Accounts receivable c.…

A: >Sales of inventory can also be in cash or on account. Sales is a revenue element. If sales are…

Q: hoose the letter of answer  Inventories are usually written down to net realizable value a. Item…

A: Inventory is valued at lower of cost or net realisable value. Net realisable value is computed by…

Q: Determine whether the following items are objectives in the following areas: Financial, Internal…

A: Balanced scorecard have four perspectives: 1) Financial 2) Customer 3) Learning and growth 4)…

Q: _____________________figures from a firm’s financial statements should be used as its flow rate when…

A: The Answer :

Q: In the Purchasing Process - Level 0 Diagram, a data flow called "inventory's purchase requisition"…

A: The purchasing process, also known as the procurement process, refers to the series of activities…

Q: Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price…

A: Working note :-    1. Total Service revenues…

Q: Which of the following is an advantage of the periodic inventory system?A. frequent physical…

A: When a physical inventory count is performed, a periodic inventory system just updates the ending…

Q: Construct a Sales Ledger Control Account, using your own numerical example, with five items of your…

A: A sales ledger control account often referred also as ‘trade debtors control account,' seems to be a…

Q: Explanation consideration for business while d a inventory system from  lifo fifo and weighted…

A: LIFO (Last in first out) LIFO is used to place an accounting value of inventories. It is based on…

Q: How to find sales under LIFO

A: LIFO stands for last in first out. It represents that the units that are purchased last would be…

Q: . A journal designed for entering only sales on account is called the A. General journal B. Cash…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Which inventory system provides a better matching of revenue and expenses - Weighted Average, Moving…

A: Following is the answer to given problem

Q: Explain the ABC inventory management system and the just-in-time inventory managementsystem

A: The objective of this question is to understand two different inventory management systems: ABC and…

Q: purchase discount is relevant into the followings cycles: a. payroll and personnel O b. sales and…

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: Write out the formula for the total costs of carrying and ordering inventory, and then use…

A: The formula for the total costs of carrying and ordering inventory and using the formula to derive…

Q: How do retail companies correctly match expenses with revenue for the period to get an accurate net…

A: The matching principle in accounting is a fundamental principle that requires companies to report an…

Q: A cost accounting system uses which of the following inventory systems? a.perpetual system…

A: Inventories are assets that are sold, purchased, and manufactured in an organization as a core…

Q: Which numbers do I need to use to compute the sales

A: Sales is the dollar value received by selling any number of units.

Q: What impact has a JIT inventory system on operating income?

A: JIT or just-in-time is a stock administration technique in which material, labor and products (to be…

Q: How to get or compute the gross sales

A: Gross sales is presented in income statement.

Q: Summary posting from the sales journal normally would be completed which of the following orders?…

A: Sales journal is one type of special journal, which is used for recording of all sales which is made…

Q: schedule of COGS, Net purchase, and Net sale

A:

Q: Required: 1. Prepare the journal entries to record the raw materials used in production and the…

A: Answer: Explanation: 1 The raw materials used in production during June were $151,100, as given in…

Q: Explain an example how to calculate inventory turnover ratio.

A: Inventory turnover ratio : Inventory turnover is used to find how many times a company sold its…

Q: Requirements:  4. Cost of goods sold 5. Gross profit 6. WIP end

A: Gross profit means the difference between the sale revenue and cost of goods sold. Sale means the…

Q: Define Perpetual inventory system.

A: A perpetual inventory system updates and records the transaction as and when it occurs either at the…

Q: What is purpose of sales journals?

A: Sales journal: It is one form of special journal book, which records all the sales transactions that…

Q: Describe the typical approach for recording inventory write-downs.

A: Inventory write-down: As per GAAP (Generally Accepted Accounting Principles), the companies need to…

Q: written statements with details of prices and terms of the offer for products

A: Option a is wrong because Purchase Returns Note is used to record the goods returned by the entity…

Q: Define the following: Cost of goods sold

A: Since we are allowed to answer only three sub-parts of the question, I am answering only three for…

Q: 1. Explain overview of sales report. 2. Why sales report important. 3. Recommendation of sales…

A: Reporting is known as the important part of the company. The reporting could include overall…

Q: Explain the inventory accounting system.

A: Inventory accounting is the body of accounting that used to valuing and accounting for changes in…

Q: . Which of the following figures from a firm’s financial statements should be used as itsflow rate…

A: In the above question we have asked about inventory turns which is as below.