Sales Cost of goods sold Accounts receivable 2021 $ 712,778 351,711 34,570 2020 $ 465,868 229,975 27,207 2019 $365,387 182,390 24,919 2018 $ 246,052 121,615 14,394 2017 $ 179,600 88,004 12,339 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the ituation as revealed by the trend percents appears to be favorable or unfavorable.

Q: Accounting as a social science is viewed as information system.

A: Accounting is a social science because it employs a set of knowledge and methods to describe recent…

Q: What makes accounting characteristics important?

A: The practise of recording a business's financial transactions is known as accounting. As part of the…

Q: Differentiate Financial Reporting and Management Reporting. How are they related?

A: Financial report shows the financial results of the company which has already achieved. Management…

Q: What are the functions of Management Accounting? Explain

A: Management accounting is the one which helps the managers within the company to make decisions and…

Q: what kind of decision that management accounting is used for?

A: According to Cost and Management Accounts, London, "Management Accounting is concerned with the…

Q: Accountancy concepts should be explained.

A: Accounting fundamentals: Accounting principles refer to the conventions or standards that must be…

Q: a. What are the techniques that are commonly used in Management accounting?

A: Management Accounting :— Management Accounting are also known as cost accounting of Management…

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.