Control over inventory is a technique whereby the inventory is safeguarded as soon as the order of inventory is made. The two main objectives of control of inventory are: a) Safeguarding of inventory from theft and damage b) Recording and reporting inventory in the financial statement of the company. To state: the procedure of tagging a control device with inventory items in the store is appropriate.

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Answer 1

Question

Chapter 6, Problem 6.2EX

(a)

To determine

Control over inventory is a technique whereby the inventory is safeguarded as soon as the order of inventory is made. The two main objectives of control of inventory are:

a) Safeguarding of inventory from theft and damage

b) Recording and reporting inventory in the financial statement of the company.

To state: the procedure of tagging a control device with inventory items in the store is appropriate.

(b)

To determine

To state: the procedure of not locking the store’s stockroom is appropriate.

(c)

To determine

To state: the procedure of record the amount of inventory received from vendor’s invoice is appropriate.

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Give this question financial accounting

1.3 1.2.5 za When using a computerised accounting system, the paper work will be reduced in the organisation. Calculate the omitting figures: Enter only the answer next to the question number (1.3.1-1.3.5) in the NOTE. Round off to TWO decimals. VAT report of Comfy shoes as at 30 April 2021 OUTPUT TAX INPUT TAX NETT TAX Tax Gross Tax(15%) Gross (15%) Standard 75 614,04 1.3.1 Capital 1.3.2 9 893,36 94 924,94 Tax (15%) 1.3.3 Gross 484 782,70 75 849,08 -9 893,36 -75 849,08 Bad Debts TOTAL 1.3.4 4 400,00 1 922,27 14 737,42 -1 348,36 1.3.5 (5 x 2) (10

None

Answer 2

Question

Chapter 6, Problem 6.2EX

(a)

To determine

Control over inventory is a technique whereby the inventory is safeguarded as soon as the order of inventory is made. The two main objectives of control of inventory are:

a) Safeguarding of inventory from theft and damage

b) Recording and reporting inventory in the financial statement of the company.

To state: the procedure of tagging a control device with inventory items in the store is appropriate.

(b)

To determine

To state: the procedure of not locking the store’s stockroom is appropriate.

(c)

To determine

To state: the procedure of record the amount of inventory received from vendor’s invoice is appropriate.

Expert Solution & Answer

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Answer 3

Question

Chapter 6, Problem 6.2EX

(a)

To determine

Control over inventory is a technique whereby the inventory is safeguarded as soon as the order of inventory is made. The two main objectives of control of inventory are:

a) Safeguarding of inventory from theft and damage

b) Recording and reporting inventory in the financial statement of the company.

To state: the procedure of tagging a control device with inventory items in the store is appropriate.

(b)

To determine

To state: the procedure of not locking the store’s stockroom is appropriate.

(c)

To determine

To state: the procedure of record the amount of inventory received from vendor’s invoice is appropriate.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Chapter 6, Problem 6.2EX

(a)

To determine

Control over inventory is a technique whereby the inventory is safeguarded as soon as the order of inventory is made. The two main objectives of control of inventory are:

a) Safeguarding of inventory from theft and damage

b) Recording and reporting inventory in the financial statement of the company.

To state: the procedure of tagging a control device with inventory items in the store is appropriate.

(b)

To determine

To state: the procedure of not locking the store’s stockroom is appropriate.

(c)

To determine

To state: the procedure of record the amount of inventory received from vendor’s invoice is appropriate.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 6, Problem 6.2EX

(a)

To determine

Control over inventory is a technique whereby the inventory is safeguarded as soon as the order of inventory is made. The two main objectives of control of inventory are:

a) Safeguarding of inventory from theft and damage

b) Recording and reporting inventory in the financial statement of the company.

To state: the procedure of tagging a control device with inventory items in the store is appropriate.

(b)

To determine

To state: the procedure of not locking the store’s stockroom is appropriate.

(c)

To determine

To state: the procedure of record the amount of inventory received from vendor’s invoice is appropriate.

Answer 6

Chapter 6, Problem 6.2EX

(a)

To determine

Control over inventory is a technique whereby the inventory is safeguarded as soon as the order of inventory is made. The two main objectives of control of inventory are:

a) Safeguarding of inventory from theft and damage

b) Recording and reporting inventory in the financial statement of the company.

To state: the procedure of tagging a control device with inventory items in the store is appropriate.

Answer 7

Chapter 6, Problem 6.2EX

(a)

To determine

Control over inventory is a technique whereby the inventory is safeguarded as soon as the order of inventory is made. The two main objectives of control of inventory are:

a) Safeguarding of inventory from theft and damage

b) Recording and reporting inventory in the financial statement of the company.

To state: the procedure of tagging a control device with inventory items in the store is appropriate.

Answer 8

(b)

To determine

To state: the procedure of not locking the store’s stockroom is appropriate.

Answer 9

(b)

To determine

To state: the procedure of not locking the store’s stockroom is appropriate.

Answer 10

(c)

To determine

To state: the procedure of record the amount of inventory received from vendor’s invoice is appropriate.

Answer 11

(c)

To determine

To state: the procedure of record the amount of inventory received from vendor’s invoice is appropriate.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 6 - Before inventory purchases are recorded, the...Ch. 6 - Why is it important to periodically take a...Ch. 6 - Do the terms FIFO, LIFO, and weighted average...Ch. 6 - If inventory is being valued at cost and the price...Ch. 6 - Which of the three methods of inventory...Ch. 6 - If inventory is being valued at cost and the price...Ch. 6 - Using the following data, how should the inventory...Ch. 6 - Prob. 8DQ Ch. 6 - Hutch Co. sold merchandise to Bibbins Company on...Ch. 6 - A manufacturer shipped merchandise to a retailer...

To state: the procedure of not locking the store’s stockroom is appropriate.

To state: the procedure of record the amount of inventory received from vendor’s invoice is appropriate.

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Chapter 6 Solutions