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Beginning inventory is 20250 freight is 1200 ending inventory is 24450 and cost of sales is 4000 What is the amount of inventory purchased?
Wiki User
∙ 14y ago
20250+1200+4000=25450 25450-24450=1000
Wiki User
∙ 14y ago
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Why is it best to sell inventory for less than the amount paid for it?
It is NOT best. But if there is an urgent need for capital to buy fresh inventory and current inventory is not selling, some businesses will take the loss.
Determinants of demand include factors that determine the amount that will be purchased at each price?
Determinants of demand include factors that determine the amount that will be purchased at each price
Why are trains better than canal economically?
the volume of freight a train can move per hour, the distance a train can move freight per hour.the amount of different directions a train can move freight , all of this divided by cost per ton ,divided by cost of manpower = better by far to use the railroad then a canal boat
If the cost of an item of inventory is 60 the current replacement cost is 65 and the selling price is 95 the amount included in inventory according to the lower of cost or market concept is?
Inventory is generally carried on the balance sheet at its historical cost to the firm. This represents the most accurate value since it was an amount actually paid by the firm, not an estimate. If the market value changes upwards, the balance sheet value is not changed since accounting principles generally favor the more conservative (lower) value. If however the market value of inventory decreases (through obsolescence for example), then the inventory value is adjusted downward to accurately reflect this and ensure the value is not materially overstated on the firm's balance sheet. The retail price is never used for inventory valuation. The retail price will be used only for the income statement. So, using your example, the amount included in inventory would be 60.
What does the economic-order quantity method of inventory management entail?
through a complex analysis, management attempts to determine the minimum amount of product needed to do the job and still keep the cost of inventory as low as possible.
What adjusting entry is entered on a work sheet when the ending merchandise inventory is less than the beginning value?
Merchandise Inventory. The value of merchandise in the trial balance is the amount of inventory on hand at the beginning of the year. No other transactions are posted to this account during the year because every time merchandise if purchased, it is debited to Purchases. Every time inventory is sold, it is credited to Sales.
When calculating prime cost do you use beginning inventory or ending inventory of direct materials?
Total material consumed amount is used for prime cost not opening inventory or ending inventory only.
What is the dimension of a freight train?
It depends on the amount of material that is used to build the freight train
What is inventory to asset ratio?
amount of your assets that are ties up in inventory, Inventory/Assets x 100
What is the inventory system in which the inventory records do not show the amount available for sale or sold during the period called?
A periodic inventory system will not show the amount available for sale or sold during the period. A perpetual inventory system will show each purchase in the inventory.
What is freight 'TO PAY'?
Freight to pay means the person who receives the goods, such as the consignee, has to pay the amount on behalf of consignor.
What is called the inventory system in which the inventory records do not show the amount available for sale or sold during the period called?
A periodic inventory system will not show the amount available for sale or sold during the period. A perpetual inventory system will show each purchase in the inventory.
How does a company that uses the perpetual inventory system determine the amount of inventory shrinkage?
By taking a physical count. They will take their recorded amount and subtract the physical count to analyze inventory shrinkage.
What does it cost for a Harbor Freight franchise in Lewiston Idaho?
No amount of money will get you one. Harbor Freight stores are corporate, not franchises.
Where is the amount of merchandise inventory disclosed in the financial statements?
Amount of merchandise inventory is disclosed at the bottom of the financial statement under balance sheet.
When using the periodic inventory system the first closing entry will include a?
debit to the inventory account equal to the physical inventory amount.
Most farmers who lived in the west and south depended on to carry their wheat cotton and tobacco to market?
Freight trains (APEX)
