Best Model for Managing Inventory and explain?

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: Define inventory.

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

Q: how much is the inventory write down for the finished goods?

A: The ending inventory is measured at cost or net realizable value whichever is lower. The comparison…

Q: Define inventory costing system.

A: Inventory cost flow assumptions: These are the methods used by the companies to compute the cost…

Q: What are three goals of inventory management?

A: Inventory management: Inventory management refers to ordering, storing and using the company’s…

Q: What are characteristics of the perpetual inventory system?

A: Perpetual Inventory System: Perpetual Inventory System refers to the inventory system that maintains…

Q: what is FIFO inventory method?

A: FIFO inventory method is one of the methods of calculation of value of ending Inventory and cost of…

Q: the different types of purchasing procedures

A: A purchase process is a formal and systematic process of purchasing goods and service by an…

Q: What does the Work-in-process inventory consist of?

A: Work-in-process inventory consist of materials which are partially completed in the production…

Q: What is inventory blanket lien?

A: Lien: Lien is a lawful right in contradiction of assets that are usually utilized as security to…

Q: Explain purchase accounting

A: Purchase accounting means any premium paid by bidder in excess of the value of books of aims assets…

Q: What are the objectives of inventory control in the production process?

A:

Q: Distinguish inventory-costing systems using sequential tracking from those using backflush costing

A: Definition:   Inventory costing system: Inventory costing system is a system that is used to compute…

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: What is inventory conversion period?

A: Conversion period refers to the length of period at which one asset is converted into another form.…

Q: A significant amount of accounting information is dedicated to planning and controlling the use of…

A: Solution Purchase cost Ordering, holding, and shortage costs make up the three main categories of…

Q: how to find cost of goods sold

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: How is inventory valuation made? Explain?

A: Stock or inventory are important yet inert resources lying with the organization at the end of an…

Q: What is the role of Finished-goods inventory?

A: Stock is the term used for the products that are ready for sale and raw materials used to create…

Q: What is purchase returns?

A:

Q: Describe how changes in the demand, ordering cost,or holding cost affect the EOQ.

A: Conceptual base- Economic Order Quantity (EOQ) is the order quantity that minimizes total inventory…

Q: Why is reduce inventory cost is an advantage of inventory outsourcing?

A: Inventory is defined as the goods as well as materials, which has the business holding for an…

Q: What is an upstream sale of inventory?

A: The upstream sale of inventory is an inter-company transaction between the parent company and the…

Q: Describe how costs flow from inventory to cost of goods sold for the following methods: (a) FIFO and…

A: a.

Q: Define the term Purchase Volume?

A: INTRODUCTION Purchases  In accounting, the cost of making purchases during a time period with the…

Q: Explain Inventory Estimation Techniques.

A: Inventory Estimation Techniques:

Q: Describe the issues in managing different typesof inventory.

A: Inventory Management:   Inventory management is a process that refers to ordering, storing and using…

Q: Define the term inventory costs.

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: Explain the different types of inventory.

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: What is a downstream sale of inventory?

A: The downstream sale of inventory is an inter-company transaction between the parent company and its…

Q: What purpose does a purchasing department serve?

A: Purchasing Department: The purchasing department accommodates the organization for the inventory…

Q: What is the difference between purchasing digitaladvertisements with a cost-per-impression…

A: Introduction : The cost of per click and the cost per impression are two methods for doing digital…

Q: The purpose of costing are as follows EXCEPT:   Price products Make decisions record cost Formulate…

A: The purpose of costing  1. To fix the price of the product 2.  For decision making  3.  For…

Q: Explain inventory system and its functions

A: Inventory is the detailed list of items that are present on hand. It constitute of all the finished…

Q: When would slicing and dicing be an appropriate OLAP tool? Give an example of inventory

A: OLAP means Online Analytical Processing. It includes decision support, modeling, information…

Q: Define LIFO inventory pools.

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

Q: Describe types of inventory.

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Define the term physical inventory.

A: Physical inventory: It is process in which a company verifying its inventory by counting them…

Q: e category you put cost accounting, inventory management and budgeting?

A: Accounting is called the process of compiling and checking all the transactions of a company in…