0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Retail inventory or cost inventory?
retail inventory retail inventory retail inventory
A better way of saying you did inventory?
conducted inventory, performed inventory, reconciled inventory
How does inventory affect taxes?
To some extent, this answer depends on where you live, but here are a few answers: - if you possess inventory that you do not expect to be able to sell, it can often be written down/off - if you possess inventory because a customer ordered it but did not make payment, the unpaid account can be written down less the value of the resale on the item - if the inventory has lost value over time (eg. electronics) then you may be able to claim some capital cost allowance (aka depreciation) - obviously, investing in inventory is a business expense and should be noted as such, so that it is likely your tax bill will be far lower in your business's first year(s). Overview:A solid system of inventory will make it possible to find the perfect balance between stock on hand and stock needed. If you are operating your company with a high inventory then you will most likely be paying more taxes. You can minimize the amount of taxes due each period by implementing a successful inventory management system.
What is the journal entry for inventory spoilage?
Debit inventory spoilageCredit inventory account
What is periodic inventory?
The system of inventory where updates are made on a periodic basis is a periodic inventory. In this type of inventory, there is no effort made to keep the records of the cost of goods sold or the inventory up-to-date.
What inventory valuation model minimize income tax when cost are rising?
lifo
What is ordering quantity?
The Economic Order Quantity (EOQ) is the number of units that a company should add to inventory with each order to minimize the total costs of inventory-such as holding costs, and order costs
What is economic order quantity?
The Economic Order Quantity (EOQ) is the number of units that a company should add to inventory with each order to minimize the total costs of inventory-such as holding costs, and order costs
How can you configure hardware and software inventory to minimize network impact?
Make sure to Evaluate the impact of the inventory on your environment by reading through help documentation and checking with IT specialists. Use a dedicated server for inventory, or have it run from a virtual machine so that it doesn't interfere with other services.re to configure your inventory settings according to the needs of your company.
Why is it important to minimize inventory in a Just-in-Time system?
By taking a JIT approach to inventory and product handling, companies can often cut costs significantly. Inventory costs contribute heavily to the company expenses, especially in manufacturing organizations. By minimizing the amount of inventory you hold, you save space, free up cash resources, and reduce the waste that comes from obsolescence.
What does the EOQ formula tell us What assumption is made about the usage rate for inventory?
The EOQ or economic order point tells us at what size order point we will minimize the overall inventory costs to the firm, with specific attention to inventory ordering costs and inventory carrying costs. It does not directly tell us the average size of inventory on hand and we must determine this as a separate calculation. It is generally assumed, however, that inventory will be used up at a constant rate over time, going from the order size to zero and then back again. Thus, average inventory is half the order size.
What is inventory management and its types and objectives?
Inventory management is a art of manging the stocks to meet the customers need ,several types of stock (1) raw materal (2) work in process(3) finished goods. stock should not very large quantity ,because it increases our cost of inventory and not insufficient because it can loss our customer. objective :- minimize the cost of invetory at stock and maximize the wealth of owner of the company or orgnization .
Retail inventory or cost inventory?
retail inventory retail inventory retail inventory
What is inventory overhang?
Inventory Overhang = Available inventory / Absorbed inventory
What is the Maxima and minimize?
what is maxcimam and minimize
How do you calculate inventory turnover?
This is a very simple calculation. Days to Sell Inventory(or Days in Inventory) = Average Inventory / Annual Cost of Goods Sold /365 Average Inventory = (Beginning Inventory + Ending Inventory) / 2 To calculate this ratio for a quarter instead of a year use the following variation: Days to Sell Inventory (or Days in Inventory) = Average Inventory / "Quarterly" Cost of Goods Sold /"90" Average Inventory = (Beginning Inventory + Ending Inventory) / 2
A better way of saying you did inventory?
conducted inventory, performed inventory, reconciled inventory
