How significant is the inventory as a percentage of total assets? Please answer it in detail and in a professional tone.

Q: Can you explain in detail how you got the Inventory Remaining(units) and the total Inventory…

A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

Q: Do you apply the LCNRV method to each individual item, to a category, or to the total of the…

A:

Q: Which accounting technique gives the most relevant information (net cost or gross invoice price)

A: The most relevant information of accounting technique will be explained:

Q: What is an ABC analysis with regard to inventory?

A: ABC analysis: ABC analysis is an inventory classification technique used as a basic arrangement…

Q: what are the audit asssertions related to inventory?

A: Audit is the process of checking and examining books of accounts and financial statements so that it…

Q: whats the inventory tracking for this?

A: Goods which are held for the resale by the business and the business deals with such type of…

Q: The factor which determines whether or not goods should be included in a physical count of inventory…

A: The inventory is an asset for the business. The inventory is reported as a current asset in the…

Q: Which of the following is an analytical procedure? a. Analysis of significant ratios and trends b.…

A: Analytical  procedures are performed to evaluate the financial information.

Q: Explain which physical units of goods should be included in inventory.

A: Inventory:   It refers to an accounting term used to describe the goods in various stages in the…

Q: Before inventory purchases are recorded, the receiving report should be reconciled to what…

A: Inventory refers to the raw materials, work-in process, and the finished goods products that are…

Q: Explain whether the physical inventory should be equal to the amount indicated by the inventory…

A: Solution Concept Perpetual inventory system : The inventory system where the inventory records are…

Q: What are the different methods of inventory valuation, and how do they affect the balance sheet and…

A: Inventory valuation is an essential part of accounting for any business that deals with physical…

Q: How is inventory valuation made? Explain?

A: Stock or inventory are important yet inert resources lying with the organization at the end of an…

Q: How is Inventory audited?

A: Introduction Inventory audit is an analytical procedure that cross checks the financial records with…

Q: For item 50 The information below is taken from the records of Pure Miguel Company at the end of the…

A: The details are provided by the company regarding for the current year Required  What is the correct…

Q: Physical counts of inventory: O a. Must be taken at least once a month. O b. Are not necessary under…

A: A physical count of inventory means having an actual count of inventory despite maintaining…

Q: Research the IFRS authoritative literature and provide answers to the following questions. Paragraph…

A: International Financial Reporting Standards (IFRS) is a set of accounting standards and principles…

Q: Which accounting method (net cost or gross invoice price) provides the most useful information?

A: The net cost of any product is the amount of the invoice plus any taxes and extra fees that are…

Q: DECEMBER 2021 251 23-Dec 24-Dec 29-Dec P20,000 Destination 252 24,000 16,000 23-Dec 26-Dec…

A: The invices are given for the month if December 2021 and January 2022 Required  How much of these…

Q: The factor that determines whether goods should be included in a physical count of inventory is…

A: Physical count helps in tracking the inventory and efficiency of management control.

Q: Explain the inventory accounting system.

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

Q: How do I complete the inventory analysis

A: Inventory turnover ratio measures the number of times a company has sold its inventory. The ratio…

Q: Describe the inventory recording methods.

A: Inventory recording methods are two types:   Periodic inventory system Perpetual inventory system

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.