Sales Report Customer Number: 19321 Customer Name : Jon Smith : 520 Main St.,City Address Unit Price $20 Invoice Num Date 11/11/09 Quantity Ext'd Price $100 500 250 Invoice Total Part Num 12390 $850 2 5 1 3 10 25 50 10 12912 11/21/09 $300 10 $30 $300 Customer Total: $1,150 *** Customer Number: 19322 Customer Name : Mary Smith Address : 2289 Elm St., City Invoice Num Date 11/13/09 Invoice Total Part Num Quantity 10 Unit Price Ext'd Price 12421 $200 100 700 $1,000 6 $20 50 1 2 5 7 100 11/20/09 $30 $300 200 12901 $500 4 10 2 10 20 Customer Total: $1,500 Next Customer Next Customer

Q: calculate cost of goods sold, gross margin and ending inventory using i) FIFO and ii) Weighted -…

A: The objective of this question is to calculate the cost of goods sold (COGS), gross margin, and…

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: What is a LIFO inventory pool?

A: Definition: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So,…

Q: Please help: options for matching answers are trend analysis, vertical analysis, retained analysis…

A: Assets, liabilities and equity are three important component of accounting equation. After each and…

Q: Define inventory.

A: Inventory: Inventory consist of total of three components: raw material, work-in-process and…

Q: Determine whether the following items are objectives in the following areas: Financial, Internal…

A: Balanced scorecard have four perspectives: 1) Financial 2) Customer 3) Learning and growth 4)…

Q: In the Purchasing Process - Level 0 Diagram, a data flow called "inventory's purchase requisition"…

A: The purchasing process, also known as the procurement process, refers to the series of activities…

Q: Explanation consideration for business while d a inventory system from  lifo fifo and weighted…

A: LIFO (Last in first out) LIFO is used to place an accounting value of inventories. It is based on…

Q: Best Model for Managing Inventory and explain?

A: Inventory control helps your business maintain the right amount of inventory while reducing costs.…

Q: Write out the formula for the total costs of carrying and ordering inventory, and then use…

A: The formula for the total costs of carrying and ordering inventory and using the formula to derive…

Q: Explain percent of sales method.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: There are numerous inventory costing methods including FIFO, LIFO, and Weighted Average methods.…

A: Ans. There are 3 methods to value inventory and these are FIFO, LIFO and weighted average. Different…

Q: A cost accounting system uses which of the following inventory systems? a.perpetual system…

A: Inventories are assets that are sold, purchased, and manufactured in an organization as a core…

Q: Which numbers do I need to use to compute the sales

A: Sales is the dollar value received by selling any number of units.

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

A:

Q: Define total inventory costs (TIC)

A: The formula to compute total inventory cost as follows:

Q: Define Perpetual inventory system.

A: A perpetual inventory system updates and records the transaction as and when it occurs either at the…

Q: Explain Retail Terminology with example.

A: Retail terminology: Retail terminology refers to the jargon or technical terms specifically used in…

Q: Define Inventory turnover ratio.

A: Ratio analysis: The analysis of a company using the financial ratios and comparing its trends and…

Q: Explain Inventory Estimation Techniques.

A: Inventory Estimation Techniques:

Q: Define the term Retail Terminology.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Explain the inventory accounting system.

A: Inventory accounting is the body of accounting that used to valuing and accounting for changes in…