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

Q: How is the cost of ending inventory determined when pools are used?

A: A LIFO inventory pool is a method under which the individual units having same physical similarities…

Q: Define inventory.

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

Q: What is the concept of material inventory error?

A: Raw materials inventory: Raw material inventories are the primary materials which are used in the…

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: How does computerised accounting system could help to improvise better reporting  sytem in…

A: An accounting system in which the events and the process of final transactions are in accordance to…

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 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: 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: How do you find the ending work in process inventory?

A: Raw material means the material purchased and still not enter in to the production lines. Work in…

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: e calculation of inventory availability

A: Option I is correct because by knowing the current stock levels, the calculation of inventory…

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: Inventory cost is least likely to include:A. production-related storage costs.B. costs incurred as a…

A: Transportation costs incurred to ship inventory to customers are an expense and may not be…

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: 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: Explain the importance of inventory management system.

A: Inventory management system refers to managing and tracking inventory.

Q: Process Costing - Assem ding inventory production for

A: Work in progress inventory refers to the inventory which is still being in process of converting…

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: An inventory roll-forward is a kind of inventory management. Exactly what kind of forward-looking…

A: Introduction:      It is the systematic production of new reporting periods' accounts using (rolling…

Q: What does it mean that manufacturing overhead is applied to inventory?

A: Manufacturing overhead is defined as all the indirect costs which are incurred during the process 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: 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: What are the components of total inventory costs?

A: Total Inventory Cost consist three main component.

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.