O and LIFO inventory management?

Q: In which financial statement is the inventory account balance presented?

A: In general there are Four Major components of financial statements a) Balance Sheet  b) Profit and…

Q: How do inventory errors affect the financial statements.

A: The financial statements of the business includes the income statement and balance sheet.

Q: Define inventory.

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

Q: Explain the three types of inventory cost reflected in the balance sheet?

A: Ordering, holding, and shortage costs are the three main categories of inventory-related costs.…

Q: What is the LIFO retail method?

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

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 The Lean Perspective on Inventory?

A: Lean perspective on inventory is an approach which helps the organization to reduce the wastage an…

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: 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: How does Just-In-Time (JIT) system help minimize the inventory investment? Explain.

A: Just-In-Time (JIT) is used for that inventory which is owned by business at reduced amount on…

Q: What is the adjusted inventory?

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

Q: Best Model for Managing Inventory and explain?

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

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 are the key factors that can lead to an under/overstatement of the inventory balance?

A: Answer: Inventory balances are sometimes overstated and sometimes understated.

Q: What impact has a JIT inventory system on operating income?

A: JIT or just-in-time is a stock administration technique in which material, labor and products (to be…

Q: What are the assumption of THE LIFO RETAIL METHOD?

A:

Q: What is the definition net cost of purchases?

A:

Q: Which of the following is not a common cost flow assumption used in costing inventory? O First-in,…

A: Companies assign costs to products through inventory costing, often known as inventory cost…

Q: Which ratio is calculated to ascertain the efficiency of inventory management? *

A: Inventory Turnover Ratio:-This is the efficiency ratio that measures the efficiency of the company…

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: Define the term Purchase Volume?

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

Q: What are some inventory ordering costs? As defined here, are thesecosts fixed or variable?

A: Inventory ordering cost can be define as the cost that is incurred by the firm during order…

Q: Describe some inventory control systems that are used in practice

A: Inventory control system: The inventory control system can be defined as the use of a computerized…

Q: Define the term inventory costs.

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

Q: Why is it important to manage inventory?

A: Given: To manage the inventory as follows,

Q: What is the difference between a pull system and a push system of inventory control?

A: In the pull system of inventory control, releases are authorized. And, companies using this strategy…

Q: What are the two accounting systems are used to record transactions involving 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: Define LIFO inventory pools.

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

Q: The effects of purchasing inventory on credit are to

A: Every transaction has two effect in books of accounts as per dual concept. All entries should have…

Q: Which of the following is NOT an inventory management technique?

A: Every business unit follows an inventory management process to manage its stock of goods efficiently…

Q: Describe types of inventory.

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

Q: When does an inventory error cancel out, and why?

A:

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: TRUE OR FALSE? Current Assets differ from Quick assets when it comes to inventory.

A: Total Assets: Total Assets is the summation of short term assets and long term assets where former…

Q: What is accounting for merchandise inventory?

A: (1) The Merchandise Inventory is one type of the Account that exists on the Balance Sheet. This…