Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,350 gallons @ $7.9 per gallon = $10,665 Purchases: Sales: 670 gals @ $7.95 870 gals @ $8.00 670 gals @ $8.05 470 gals 770 gals 570 gals 770 gals Mar. 10 Mar. 5 Mar. 16 Mar. 14 Mar. 23 Mar. 20 Mar. 26

Q: Explain Matching Principles?

A: Matching concept is an accounting principle which explains the need to match revenue with the…

Q: Describe WACC and its components.

A: WACC: The weighted average cost of capital (WACC) is a computation of   cost of capitalof a company…

Q: Explain Concept Syndications?

A: Syndication is a process by which small lenders come together and they lend the money to a big…

Q: Explain the term Voluntary Conveyance

A: Voluntary Conveyance: Voluntary conveyance is defined as an elective transmission of title from one…

Q: Define Double-entry system.

A: Double entry system: Double entry system is a way of accounting or bookkeeping which implies that…

Q: What are the categories of processing controls?

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…

Q: explain about functional and non functional requirements

A: The question is asking to explain the concepts of functional and non-functional requirements, which…

Q: What are the types of external user?

A: Entity needs to prepare a financial statement for the use of internal and external decisions making.…

Q: what is Reference control ?

A: I assumed as a question, as what is meant by the reference  to cost control?

Q: Describe about the concept of COGS.

A: Cost of goods sold (COGS): Cost of goods sold is the accumulate amount of all direct cost incurred…

Q: Define license.

A: A license is a official permission in written given by licensor to use or do for which permission is…

Q: Explain consignment arrangement with example.

A: Goods in transit: Goods in transit can be described as the inventories which are shipped by the…