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Neer Department Store uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at August 31, 2010. Sporting GoodsJewelry and CosmeticsCostRetailCostRetailNet sales$1,000,000 $1,160,000Purchases $675,0001,066,000$741,0001,158,000Purchase returns(26,000)(40,000)(12,000)(20,000)Purchase discounts(12,360)-(2,440)-Freight-in9,000-14,000-Beginning inventory47,36074,00039,44062,000
At December 31, Neer Department Store takes a physical inventory at retail. The actual retail values of the inventories in each department are Sporting Goods $95,000, and Jewelry and Cosmetics $44,000.
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How can you calculate average cost during each transaction such as purchase purchase return sales and sales return in moving-average-cost-method in inventory?
dfs
What is the difference between periodic inventory and perpetual inventory?
Periodic inventory method calculate ending stock at the end of the accounting period, which could be Month to Date or Year to Date, while Perpetual inventory system calculates the ending stock on a continuous basis after each transaction (Purchase or Sell). Within Retail industry, periodic inventory method used for inventory valuation at the stores, whereas distributer like SuperValu (in US) follows perpetual inventory method to track inventory in their distribution centers. As a best practice, some of the retail companies are using perpetual accounting method to track inventory available in warehourses and distribution centers. In an idealistic world, perpetual inventory method can provide the true and real time inventory information, however due to complexities in consolidating all the purchases, sales, shrinkages and other market factors, it is advisable for retail companies to follow periodic accounting method to analyze and review the results before presenting the inventory valuation results to internal and external agencies like Shareholders, Income Tax Authorities, et el.
What are the types of transaction data in a retail store?
Some transactions include a sale, a return, a credit card approval, a credit card submission for payment, an inventory order or return to supplier, transfer of inventory between stores, time clock entry from employee, recording of a theft, sale of gift card, customer information initiation and update, shipping and receiving events, physical inventory and potential adjustments and lots more depending on specialty retail. E.g. background check for a gun seller.
How is a theft loss on inventory claimed on a sole proprietor's tax return?
theft loss of inventory on sole proprietor. how is it handled on tax return
How is theft loss of inventory claimed on a sole proprietors tax return?
theft loss of inventory on sole proprietor. how is it handled on tax return
In a perpetual inventory system a return of defective merchandise by a purchaser is recorded by crediting what?
inventory
Can you return outlet store clothes to the retail store?
yes you can return store clothes to the retail store
Difference in using a method that return value and method that does not return value in object orinted programming?
A method that return a value should have a return statement. The method signature should indicate the type of return value. While in the case of a method that does not return a value should not have a return statement and in the signature, the return type is void. When using a method that doesn't return a value, a programmer can not get a value from that function, but instead, it can only change variable values and run other methods.
Why use void in main of java?
No. void is not a data type. It is mandatory for all java methods to return something and if it is not going to return anything, we have to mark the method with a "void" return type to let the JVM know that it must not expect anything from the method.
Where can one find information about warehouse distribution?
You may find some very good information on the DAMCO website. Warehousing services include yard management, order processing, inventory management, and load building. Distribution services include order fulfillment, inventory control, retail store distribution, and return management.
Can an overridden method return void instead of an object?
Sure. An overridden method can return anything it wants.
What does a void method do?
In Java, this keyword is used to specify that the method has no return value.
