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q inventories and revenue recognitionmanagement make a decision which inventory costing method or methods lifo fifo and so on to use as well
q in between fifo and lifo which one is the correct methodthe differences for the four methods take place because the company paid different prices
q show advantages and disadvantages of weighted-averageadvantages and disadvantages of weighted-average when a company utilizes the weighted average
q show tax benefits of lifotax benefits of lifo the lifo method outcomes in the lowest taxable income and thus the lowest income taxes when prices
q show advantages and disadvantages of lifothe advantages of the lifo method are based on the fact that prices have risen almost constantly for
advantages and disadvantages of fifo the fifo method has four main advantages a it is easy to apply b the assumed flow of costs corresponds with the
q advantages and disadvantages inventory procedureadvantages as well as disadvantages of specific identification companies that utilize the specific
q fifo under periodic inventory procedurethe fifo first-in first out method of inventory costing suppose that the costs of the first goods purchased
q what is perpetual inventory recordsperpetual inventory records even though companies could apply perpetual inventory procedure by hand tracking
q how to determine inventory costto place the proper evaluation on inventory a business must answer the question which costs must be included in
q valuation of ending inventoryfirst a merchandising company should be sure that it has properly valued its ending inventory if the resulting in an
q importance of proper inventory valuationa merchandising company is able to prepare accurate statements of retained earnings income statements and
inventory is habitually the largest and most important asset owned by a merchandising business the inventory of some companies similar to car
q explain about merchandise inventorymerchandise inventory is the quantity of goods assumed by a merchandising company for resale to customers
q advantage of a pre-inventory salehave you still taken advantage of a pre-inventory sale at your favourite retail store many stores offer bargain
q choosing an accounting careerhow companies have a choice in inventory cost methods among specific identification lifo fifo and weighted-average
q example of work sheet for a merchandising companylyons company is a tiny sporting goods firm the illustration for lyons company focuses on
closing entries perhaps prepared directly from the work sheet the first journal entry debits all items appearing in the income statement credit
q define purchase discounts and purchase returnstwo general deductions from purchases are a purchase discounts and b purchase returns and allowances
two techniques of accounting for inventory are perpetual inventory procedure and periodic inventory procedure under perpetual inventory procedure the
q sales discounts and sales returnssales discounts arise when the seller tenders the buyer a cash discount of 1 percent to 3 percent to induce early
q common deductions from gross salesgenerally sales are for cash or on account when a sale is for cash the debit is to cash and the credit is to
q what is sales transaction- in a sales transaction the seller transmits the legal ownership title of the goods to the buyer- an invoice is a
q calculate the gross margin percentagecalculate the gross margin percentage by using the following formulagrossmargin percentage grossmarginnet
john bentley is the chief financial officer for world auto parts corporation the company buys approximately usd 500 million of auto parts every year