The flowchart below illustrates two alternative inventory ordering methods. Answer part 1 to 3 based on this flowchart.1. Some organizations prefer using alternative two. What are the advantages of using alternative two instead of the alternative one? Be specific. E HolmesConten6 137. XR° (PDF) FrTurnitin b InternalA InternalG internalb AnswerNH DetectiPremierCourseCourseDo You +A learn-ap-southeast-2-prod-fleet01-xythos.s3.ap-southeast-2.amazonaws.com/5bfdd02798410/1374127?response-cache-control=private%2C%20max-age%3D216. Q13741273 / 8Dased on thiS TIowchart.PurchasesData Processing DepartmentReceivingAccounts PayablePurchaseRequisition FileBlind CopyAcct Pay CopyFile CopyPreparePurchaseOrdersBlind CopyAcct Pay CopyOpen PurchaseOrder FileVendor FilePurchaseOrderBind CopyAcct Pay CopyFie CopyReviewandPurchaseDistributeOrderBind CopyAcct Pay CopyFile CopyPurchaseOrderFileVendorALTERNATIVE ONE7:16 PMP Type here to searchawO G 4) ENG11/10/2020 E HolmesConten137. XR° (PDF) FrD Turnitinb Internal2 InternaG internalb AnswerNH DetectiPremierCourse* CourseDo You+A learn-ap-southeast-2-prod-fleet01-xythos.s3.ap-southeast-2.amazonaws.com/5bfdd02798410/1374127?response-cache-control=private%2C%20max-age%3D216. Q13741273 / 8PurchasesData Processing DepartmentReceivingAccounts PayablePurchaseTransactionListRequisition FilePreparePurchaseOrdersBlind CopyAcct Pay CopyReviewandOpen PurchaseOrder FileVendor FileFileBlind CopyAcct Pay CopyPurchase OrderTransactionListTransactionListVendorFileALTERNATIVE TWORequired:7:18 PMP Type here to searchaO G 4)) ENG11/10/2020mm

Answered: Image /qna-images/answer/147e2b2d-0fd3-4983-89c3-7837d51d063d.jpg

Purchases Data Processing Department Receiving Accounts Payable Purchase Requisition File Blind Copy Acct Pay Copy File Copy Prepare Purchase Orders Blind Copy Acct Pay Copy Open Purchase Order File Vendor File Purchase Order Bind Copy Acct Pay Copy Fle Copy Review and Distribute Purchase Order Bind Copy Acct Pay Copy File Copy Purchase Order File Vendor ALTERNATIVE ONE

Purchases Data Processing Department Receiving Accounts Payable Purchase Requisition File Blind Copy Acct Pay Copy File Copy Prepare Purchase Orders Blind Copy Acct Pay Copy Open Purchase Order File Vendor File Purchase Order Bind Copy Acct Pay Copy Fle Copy Review and Distribute Purchase Order Bind Copy Acct Pay Copy File Copy Purchase Order File Vendor ALTERNATIVE ONE

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The flowchart below illustrates two alternative inventory ordering methods. Answer part 1 to 3 based on this flowchart.

1. Some organizations prefer using alternative two. What are the advantages of using alternative two instead of the alternative one? Be specific.

E Holmes
Conten
6 137. X
R° (PDF) Fr
Turnitin b Internal
A Internal
G internal
b Answer
NH Detecti
Premier
Course
Course
Do You +
A learn-ap-southeast-2-prod-fleet01-xythos.s3.ap-southeast-2.amazonaws.com/5bfdd02798410/1374127?response-cache-control=private%2C%20max-age%3D216. Q
1374127
3 / 8
Dased on thiS TIowchart.
Purchases
Data Processing Department
Receiving
Accounts Payable
Purchase
Requisition File
Blind Copy
Acct Pay Copy
File Copy
Prepare
Purchase
Orders
Blind Copy
Acct Pay Copy
Open Purchase
Order File
Vendor File
Purchase
Order
Bind Copy
Acct Pay Copy
Fie Copy
Review
and
Purchase
Distribute
Order
Bind Copy
Acct Pay Copy
File Copy
Purchase
Order
File
Vendor
ALTERNATIVE ONE
7:16 PM
P Type here to search
a
w
O G 4) ENG
11/10/2020

E Holmes
Conten
137. X
R° (PDF) Fr
D Turnitin
b Internal
2 Interna
G internal
b Answer
NH Detecti
Premier
Course
* Course
Do You
+
A learn-ap-southeast-2-prod-fleet01-xythos.s3.ap-southeast-2.amazonaws.com/5bfdd02798410/1374127?response-cache-control=private%2C%20max-age%3D216. Q
1374127
3 / 8
Purchases
Data Processing Department
Receiving
Accounts Payable
Purchase
Transaction
List
Requisition File
Prepare
Purchase
Orders
Blind Copy
Acct Pay Copy
Review
and
Open Purchase
Order File
Vendor File
File
Blind Copy
Acct Pay Copy
Purchase Order
Transaction
List
Transaction
List
Vendor
File
ALTERNATIVE TWO
Required:
7:18 PM
P Type here to search
a
O G 4)) ENG
11/10/2020
mm

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erms and phrases relating to concepts discussed in this chapter along with descriptions of those terms and phrases follow. Match each term, 1 through 15, with the best description a through o. Key Inventory Terms and Phrases Key Inventory Terms and Phrases Description of Terms and Phrases Answerabcdefghijklmno 1. Net realizable value a. Requires retroactive restatement of financial statements Answerabcdefghijklmno 2. Lower-of-cost-or-market b. Method for valuing inventory applying to LIFO and retail methods Answerabcdefghijklmno 3. Allowance to reduce inventory to net realizable value c. Cancellation of additional markup Answerabcdefghijklmno 4. Gross profit method d. Inventory estimation that is not acceptable under GAAP Answerabcdefghijklmno 5. Estimated loss on purchase commitment e. Method that approximates lower-of-cost-or-market Answerabcdefghijklmno 6. Change in inventory method from average to FIFO f. Not usually practical to retroactively restate or adjust…
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