ory period of MS Manufacturer's from the infor

Q: QUESTION 3 Which of the following financial statement line items would be found on a manufacturer's…

A: Answer with proper explanation of above question are as follows

Q: How do you enter an adjusting entry for Inventory?

A: Inventory adjustment Fluctuation in the inventory is a serious issue for a business entity. The…

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: QUESTION 1 Merchandise inventory is classified on the balanc a. long-term asset b. current liability…

A: In business there is need of inventory without maintaining sufficient inventory business can not be…

Q: Defining Chapter Terms Terms and phrases relating to concepts discussed in this chapter along with…

A: Key Inventory terms and phrases Description of terms and phrases 1. Net realizable value h.…

Q: Ending/Beginning Ending Inventory Finished Goods Formula How do you find the beginning and the…

A: Finished goods inventory: It refers to the products in a manufacture’s inventory that are final…

Q: Givoly Incorporated uses a periodic inventory system. At the end of the annual accounting period,…

A: First-in First-Out Method - Under the First-in First-Out Method the company uses inventory in the…

Q: What are the differences between Consignment and vendor managed inventory? Your response should…

A: VENDOR MANAGEMENT INVENTORY                                CONSIGNMENT 1. Here supplier is…

Q: which inventory valuation method assigns a value to the inventory on the balance sheet that…

A: Inventory method:   The inventory method is a method used to calculate the value of the inventory of…

Q: How do you complete Inventory  by three methods,  cost of merchandise  sold

A: Inventory valuation is a method of finding the actual cost of the goods left unsold at the end of a…

Q: List three accounting information system (AIS) activities for transactions categorized as selling…

A: THE PURPOSE OF ACCOUNTING INFORMATION SYSTEM (AIS) IS TO COLLECT , STORE AND PROCESS FINANCIAL  AND…

Q: 27.IAS 2, Inventories requires that the lower of cost and net realizable value shall be applied   a.…

A: Introduction:- Inventories are valued at cost or net realizable value (Whichever is lower) Cost of…

Q: EX 6-9 Weighted average cost flow method under perpetual inventory system The following units of a…

A: Under perpetual inventory system, inventory account is used instead of purchases account. For every…

Q: 7. Discuss the difference between production items, expense items, and capital items.

A: In order to understand the difference between the three we need to understand the nature of these…

Q: 9. An inventory accounting policy that should be disclosed in a summary of significant accounting…

A: It is a footnote that accompany company financial statements. Such disclosure should form part of…

Q: ______________is one that tracks all inventory purchases and sales directly in the accounting…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: his account is used to recognize the cost of an inventory that is sold as expens

A: Solution: When inventory is sold, then this cost should be transferred to Cost of goods sold…

Q: ) Is the accounting cycle in a merchandising operations different from a service operations?…

A: 1) yes the accounting cycle in a merchandising operations is different from a service operations .…

Q: How is merchandise inventory classified on the balance sheet and what is its normal balance of…

A: Merchandise inventory is a current Asset as it is expected to be sold within 12 months from the…

Q: If title to merchandise purchases passes to the buyer when the goods are shipped from the seller,…

A: FOB means freight on board FOB shipping point means the buyer is the legal owner of the goods when…

Q: The two most widely used methods for determining the cost of inventory are a. gross profit and…

A: There are various inventory methods suitable for different cases.  Some inventory methods are: FIFO…

Q: Item 20 of 50 What is the functionality in SAP which covers inventory count process Select the…

A: Correct option is C. Physical inventory   Explanation:

Q: The following accounts are included in the ledger of David Company: Advertising expense Freight-in…

A: Cost of goods sold = Beginning inventory + Net purchases + Direct expenses - Ending inventory

Q: Which one of the following methods can be applied in situations where different purchases can be…

A: Firsts in first out (fifo)  - It is a method under which item purchased first will be disposed/sold…

Q: a) Discuss the reasons why a proper understanding of the free on board (FOB) terms is important when…

A: FOB is an abbreviation for free on board. Free on Board means the seller takes risk till the time…

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

A:

Q: system perpetual physical etail periodic

A: Physical inventory system has a fixed schedule to manually and physically count the items of…

Q: What does the retail inventory estimates?

A: Retail inventory method:   The retail inventory method is used to calculate the value of ending…

Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…

A: Terms that determine the responsibility of bearing of shipping cost are shipping terms.

Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…

A: When a Business transaction is executed, it is subjected to certain terms and conditions that govern…

Q: Which method tracks the actual physical flow of goods and each item of inventory is marked, tagged,…

A: The correct option in no. 1 question is d. Specific identification method

Q: The perpetual and periodic inventory systems are designed to ensure that inventory accounts are…

A: Perpetual Goods System: Under a perpetual inventory system, inventory records are always up to date…

Q: 17. Models of inventory systems frequently consider the relationships among a beginning inventory, a…

A: The objective of the question is to establish a mathematical relationship between the beginning…

Q: Describe a situation where a merchant would use the specific identification method for recording…

A: A merchant would use specific identification method when the individual items in inventory can be…

Q: What inventory accounts are used by a manufacturer? In what financial statement will appear?

A: An inventory account or merchandise inventory account is an account to record the inventory…

Q: In your own words, discuss the differences between a perpetual and periodic inventory system. Your…

A: Inventory is the current asset posted on the balance sheet of the company.

Q: Multiple Select Question Select all that apply Which of the costs below would be included in the…

A: Accounting standard says that inventory should be valued at  cost or market which every is…

Q: der the method, ending inventory is based on the costs of the most recent purchases. A. FIFO B.…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Which inventory system records both sales and cost of goods sold at the point of sale? Group of…

A: There are different types of inventory system being used depending the record of pricing and record…

Q: What is the correct entry to write off the inventory under perpetual method? Dr. Cost of Goods sold…

A: The Perpetual Inventory System is a highly preferred system as it can produce accurate results…

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: 1a The inventory cost flow method that reports the earliest costs in ending inventory is a. LIFO b.…

A: When the earliest costs are represented in the ending inventory it means that the inventory with the…