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What is meant by inventory compilation?
Inventory compilation is used by a company when reconciling physical inventory with perpetual inventory records and consists of the following procedures: counting the physical inventory, correctly summarizing the quantities, extend prices times quantities, and foot the extensions. Totals should agree with the amounts recorded in general ledger.
What is meant by compilation?
Inventory compilation is used by a company when reconciling physical inventory with perpetual inventory records and consists of the following procedures: counting the physical inventory, correctly summarizing the quantities, extend prices times quantities, and foot the extensions. Totals should agree with the amounts recorded in general ledger.
What is an example of an inventory accounting policy that should be disclosed in a summary of significant accounting policies is what?
Method used for inventory pricing.
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.
The inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred is?
FIFO
When material prices may vary significantly from current inventory values which estimating method should be used?
government
Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information?
timeliness
When a company uses the perpetual inventory method the inventory account should stay current at all times T F?
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.
Salvage yards should keep a strong inventory list. ?
Salvage yards should keep a strong inventory list.
What does open to buy mean?
Open to buy is a method of planning and controlling retail inventory. Calculate your opening inventory balance (in units or dollars), add the in-coming (already ordered) inventory and subtract your projected sales for the period...then compare that number to your desired ending inventory amount...the difference is how much you are open to buy (inventory that should be ordered). So if you start with 100,000 and have 10,000 on order and expect sales to be 40,000 and you want your ending inventory to be 90,000...You are open to buy 20,000 90- (100 + 10 - 40) = 20
What difference of derived quantities and standard quantities?
Derived quantities are quantities that you should be solving for. Ex: Volume, Mass etc Standard quantities are quantities that are specific. Ex: length, seconds, meter. Hop I helped you. :)
What should do if your Fantage user is invisible?
Go to your inventory then exit your inventory if that doesnt work then log out and log in again that should work
