orage system can use FIFO method of inventory control

Q: Under what circumstances can you envision management using alternative one rather than alternative…

A: Given flowcharts below illustrates two alternative inventory ordering methods.

Q: Why is it important to obtain shipping and receiving cutoff information during the inventory…

A: Cut-off Procedures:   The audit procedures applied to separate the transactions from one period to…

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: Give TWO examples of methods of inventory accounting (NOT FROM GOOGLE, PLEASE, YOUR OWN EXAMPLES)

A: There are various methods to account for inventory, out of which commonly used two methods are…

Q: The elimination entry under the perpetual inventory system for intercompany sales  is a debit to…

A: SOLUTION- THE ELIMINATION ENTRY REMOVES IC SALES FROM THE CONS. UNIT (VENDOR) AND IC PURCHASE FROM…

Q: Importance of inventory control system

A: Importance of inventory control system:-

Q: procedure reduces record-keeping, it also reduces control over inventory items. a. None of the…

A: There are two inventory methods which are followed by the entity which are, (1) Periodical inventory…

Q: Explain the difference between the Perpetual and Periodic inventory systems and let us know why…

A: Inventory is the product that a company owns for resale in its regular course of business. It is…

Q: The tests of controls for inventory records would include the following procedures. A. Existence. B.…

A: 1. C Trace a sample of sales invoices to perpetual inventory record entry of issue. Completeness 2.…

Q: The flowchart below illustrates two alternative inventory ordering methods.  based on this…

A: Alternative two is used sometimes by the managers who do not have command over computer controls for…

Q: Difference between two bin method and just in time inventory management technique

A: Two-bin inventory control method is also called as kanban which is quite associated or related with…

Q: whats the inventory tracking for this?

A: Goods which are held for the resale by the business and the business deals with such type of…

Q: A В D REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E= existence…

A: Audit Procedure:- An audit procedure is referred as the procedure which is used by the auditor to…

Q: Periodic inventory system is used for high in value items. Select one: True False

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: Make a comparison between periodic and perpetual inventory systems and explain under which…

A: Answer: As per Q/A guidelines first question has been answered. Please repost remaining question.…

Q: Define each of the following terms: e. Red-line method; two-bin method; computerized inventory…

A: The red line strategy could be a strategy for stock control, as is the two-bin strategy. Within the…

Q: ______________is one that tracks all inventory purchases and sales directly in the accounting…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Which of the following tables would most likely have a composite key?a. Take Orderb. Ship Goodsc.…

A: Table: The data represented in organized manner by using rows and columns in a box. This structure…

Q: Show the necessary computation in perpetual inventory system Invoice VAT 12%

A: Journal Entry The purpose of providing the journal entry to enter the required transaction into…

Q: The specific identification inventory method should be used when the inventory consists of…

A: Specific identification inventory method: It is a method used to value the inventory. It calculates…

Q: ncome Seme Stotementof Cono Ever

A: The inventory valuation can be performed using various methods as LIFO, FIFO and weighted average…

Q: a) Prepare the purchase ledger (account payables) control account and the sales ledger (account…

A: (a)

Q: To reduce the risk of allowing an order to proceed when goods are not available or rejecting an…

A: solution : The correct answer is Maintain accurate and timely perpetual inventory records and…

Q: Which of the following is a control objective over sales? O a. None of the options O b. Compare…

A: The question is multiple choice question regarding control objective over sales.

Q: A REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E=existence…

A: Auditing:- An audit is the referred as the physical examination of books of accounts. This can be…

Q: Required: Compute the ending inventory al retail and at cost by the conventional retail inventory…

A: To calculate ending inventory at cost we use the cost to retail percentage while in calculating…

Q: The purpose of tracing a sample of inventory tags to a client’s computerized listing of inventory…

A:

Q: The two systems of measuring inventory are: Select one: a. perpetual and periodic b. periodic and…

A: Answer: Option a

Q: With a perpetual inventory system inventory shortages through lost or stolen goods can be readily…

A: In Perpetual Inventory system the stock records  are kept up-to-date, by fast recording the…

Q: Analytics of the inventory item that produces the most profit is an example of the diagnostic…

A: Analytics of the inventory item that produces the most profit is an example of the diagnostic…

Q: In the basic technology system, the inventory control clerk reviews the purchase requisition file to…

A: Inventory purchase procedure: This procedure takes into account the functions relating to…

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: d contrast a manual accounting system with a computerized accounting system for process vendors…

A: manual accounting system requires the acting accountant or bookkeeper to post business transactions…

Q: Define the term physical inventory.

A: Inventory refers to materials such as raw materials, finished products, and in-process goods that…

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: Please see below. I need help making a made up purchase schedule of inventory. Please include parts…

A: Purchase Schedule Purchases schedule which comprises the details of order number and date of the…

Q: Which inventory method is least likely to be used under IFRS? A . First in, fi rst out (FIFO).

A: Inventory is an important current asset for an organisation’s accounting, thus it is essential that…

Q: For each of the following items, indicate whether a sequential, block, group, alphabetic, or…

A: State Codes - Alphabetic Code - Because it corresponds to abbreviation of postal Service.  Check…

Q: Explain what internal control is and describe 3 internal procedures for inventory

A: Internal control is a process or system that helps to assure reliability, compliance, security, or…

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: 5. Inventory structures for inventory receipt process Refer to figure 2-30 in the text and the…

A:

Q: Explain how to report and analyze inventory.

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

Q: Explain the following statement: “Inventory errors correct themselves.”

A: Solution: Introduction: Inventory means goods are available for sale and raw materials used in the…