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A company whose inventory consists of very unique items would probably use which inventory method?
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Is periodic or perpetual inventory method best for mining company?
Periodic
Which inventory pricing method is being used when a company recalculates inventory prices every time a new item is added to the inventory?
Weighted Average
What methods do not require a physical inventory periodic inventory system perpetual inventory method retail method or gross profit method?
periodic inventory system
Which inventory costing method is often adopted when a company prefers a middle of the road approach?
FIFO
What is true regarding inventory cost flow assumptions?
A company may use more than one costing method concurrently.
Which type of inventory methods used in top ten company?
which type of inventory method used in top ten company?
Is periodic or perpetual inventory method best for mining company?
Periodic
Which inventory pricing method is being used when a company recalculates inventory prices every time a new item is added to the inventory?
Weighted Average
Is a company's gross margin effected by the inventory cost flow method it uses?
no
What is an inventory method for diamond traders?
Inventory methods include first in-first out, or other logical method. In this case, however, diamond traders probably keep inventory records and execute trades in methods that are the most profitable at the time of the trade.
What methods do not require a physical inventory periodic inventory system perpetual inventory method retail method or gross profit method?
periodic inventory system
Which inventory costing method is often adopted when a company prefers a middle of the road approach?
FIFO
When a company uses the perpetual inventory method should the inventory account should stay current at all times?
True... Using the Perpeptual Inventory Method would result in each sale and purchase being journaled directly to the inventory account which would keep this account current. Whereas using the Periodic System would result in the Inventory Account showing the correct stock levels at year end only.
What is true regarding inventory cost flow assumptions?
A company may use more than one costing method concurrently.
What type of depreciation method does the company probably use for income tax purposes?
Straight line method.
What is Weighted Average of Inventory Valuation Method?
Weighted average inventory valuation method is method in which inventory purchased at any price is put together to calculate one price for allocation in contrast to FIFO or LIFO.
What is the GAAP method for determining what inventory is obsolete or slow moving?
The GAAP method for obsolete or slow moving inventory is to account for all inventory using either market value or cost method. The method which results in the lower amount is the one that is used.
