The flowchart below illustrates two alternative inventory ordering methods.  based on this flowchart. Under what circumstances can you envision management using alternative one rather than alternative two?

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: 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: What are the different methods to estimate inventory?

A:

Q: IFRS and GAAP are similar for all of the following inventory accounting standards except IFRS…

A: IFRS allows the inclusion of overhead in inventory. In IFRS the use of LIFO cost flow assumption is…

Q: Based on the following data, make a comparison between the use of the flow of inventory costs…

A: FIFO:  Under this method, the inventory that is bought first is to be sold first. Thus the ending…

Q: Which of the following statements is correct? Group of answer choices A)The choice of an inventory…

A: SOLUTION AVERAGE COST METHOD IS USED TO CALCULATE THE COST OF INVENTORY AT THE END AND ALSO THE COST…

Q: Describe the alternative approaches for recording inventory write-downs.

A: Inventory write-down: As per GAAP (Generally Accepted Accounting Principles), the companies are…

Q: When assessing inventory management policies, is the current ratio or acid-test ratio more…

A: Current Ratio = Current Ratio is Calculated by dividing the current Assets with current liabilties.…

Q: Which of the following is an advantage of the periodic inventory system?A. frequent physical…

A: When a physical inventory count is performed, a periodic inventory system just updates the ending…

Q: The flowchart below illustrates two alternative inventory ordering methods.  1. Some organizations…

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

Q: Give examples of costs included in annual carrying costs of inventory when using the EOQ decision…

A:

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: The ability to lower overall inventory warehousing costs is an advantage of which type of system…

A:

Q: 1.What are the three primary inventory cost flow assumptions? 2. How is cost of goods sold…

A: Since you have posted multiple questions, we will do the first one for you. To get the other…

Q: Determine the ending inventory under a perpetual inventory system using Moving Average and LIFO…

A: Inventory valuation refers to the valuation of inventories using the valuation methods such as FIFO…

Q: What is the main distinction between perpetual and periodic inventory systems? Which type of system…

A: Explain the main distinction between perpetual inventory system and periodic inventory system and to…

Q: Briefly explain the usefulness of the inventory figure resulting from the application of lower of…

A: Net Realizable Value(NRV) refers to the inventory value which a business entity can realize from…

Q: Explain the (a) lower of cost or net realizable value (LCNRV) approach and the (b) lower of cost or…

A: LCNRV (Lower of Cost or Net Realizable Value) approach:   It is an approach that compares the cost…

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: The most common approach to implementing the lower of cost or market rule for inventory valuation is…

A: Inventory means the stock of goods in which the businessmen deals. Inventory is always valued at…

Q: Which of the following is an advantage of the periodic inventory system? frequent physical inventory…

A: Periodic inventory system is a system in which cost of goods sold is determined at year end. Value…

Q: For each of the following statements, enter a T or and FI the blank to mdicate whether the statement…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Explain in detail the factors suggesting preptual and periodic inventory system

A: PERPECTUAL INVENTORY SYSTEM  In this system, the inventory is recorded on a regular basis. The…

Q: When inventory items are highly specialized, the best inventory costing method is ________.A.…

A: Inventory is one of the important current asset for the business. Management and valuation of…

Q: The flowchart below illustrates two alternative inventory ordering methods. Answer part 1 to 3 based…

A: The above-mentioned inventory ordering alternatives are used by organizations as per their order…

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

A: Answer: Option a

Q: Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending…

A: Answer FIFO (First in first out) It is the method of recording inventory in which we assume that the…

Q: Based on the following data, make a comparison between the use of the flow of inventory costs…

A: Given, sales = $200000 Selling per unit = $5 per unit Total number of units sold = Sales / selling…

Q: Give TWO examples of methods of inventory accounting. (With explanation)

A: Inventory accounting : Inventory accounting is a method used to ascertain the cost of inventory.…

Q: Describe the typical approach for recording inventory write-downs.

A: Inventory write-down: As per GAAP (Generally Accepted Accounting Principles), the companies need 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: 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: 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: List and explain the substantive tests of Inventory and give example.

A: Substantive procedures are exercised by an auditor to detect material misstatements at the financial…

Q: Determine the value of the inventory at the lower of cost or market by applying lower of cost or…

A:

Q: The costs of ending inventory is similar under both periodic and perpetual inventory system if…

A: The given question is related to inventory valuation. The first method of inventory valuation is the…