Define inventory.

Q: What are the two types of inventory accounting systems? Briefly describe each.

A: Inventory Accounting Systems: Merchandise operation is an operation undertaken by the company to…

Q: Inventory turnover

A: Inventory turnover is a financial ratio showing the speed with which the inventory is rotated into…

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: Differentiate between periodic and perpetual inventory system with the help of an example.

A: The monetary amount associated with the goods in inventory at the end of an accounting period is…

Q: Importance of inventory control system

A: Importance of inventory control system:-

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 are the valuing inventories?

A: Cost:   It is the economic value incurred by an organization to manufacture a product or to render a…

Q: Inventory tumover

A: Inventory turnover ratio = Cost of goods sold/((Opening inventory + Closing inventory)/2)

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

A:

Q: Describe the types of errors in inventory.

A:

Q: What is the adjusted inventory?

A: Calculation of Adjusted Value of Inventory Particulars Amount Unadjusted Inventory Balance…

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: Demonstrate how the inventory cost flow assumption utilized might have an impact on liquidity…

A: Inventory cost flow assumptions refers to the way in which costs are removed from inventory and…

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 Included in Inventory?

A: Inventory is the assets available for sale and used in process of production of such assets for sale…

Q: What is the beginning balance of Finished Goods Inventory

A: Cost of Goods Manufactured: Cost of goods manufactured is the total production expense or production…

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: Explain Inventory Estimation Techniques.

A: Inventory Estimation Techniques:

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: Describe the inventory recording methods.

A: Inventory recording methods are two types:   Periodic inventory system Perpetual inventory system

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: Define LIFO inventory pools.

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

Q: merchandise inventory

A: Merchandise inventory refers to price at which the company wants to sell further to its clients at a…

Q: Define purchase allowance

A: Following is the meaning of a purchase allowance

Q: Describe types of inventory.

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

Q: What are some specific inventory carrying costs? As defined here,are these costs fixed or variable?

A: Examples embrace cash spent on feat product, interest paid on a procurement, interest lost once…

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…

Q: Describe measures to control merchandise inventory.

A: Control over merchandise inventory: For a merchandise business, maintaining an effective control…

Q: Under which type of inventory system is an inventory sub-sidiary ledger maintained?

A: Inventory subsidiary ledger is a ledger or account that is used to record all inventory related…

Q: Differentiate between perpetual and periodic Inventory system.

A: Perpetual inventory system refers to the method of inventory management which records the real-time…