0
What else can I help you with?
What does the term Physical Inventory?
Physical inventory refers to the actual inventory in the warehouse. Inventory refers to completed products, not work in progress or raw materials.
What journal entry is recorded when a materials manager receives a materials requisition and then issues materials(both direct and indirect) for use in a factory?
When a materials manager receives a materials requisition and issues materials for use in a factory, the journal entry typically involves debiting the Work in Progress (WIP) Inventory account for the direct materials issued and debiting the Manufacturing Overhead account for the indirect materials issued. The corresponding credit is made to the Raw Materials Inventory account to reflect the reduction in inventory. This entry captures the transfer of materials from inventory to production.
What does the term Physical Inventory represent?
Physical inventory refers to the actual inventory in the warehouse. Inventory refers to completed products, not work in progress or raw materials.
What are the accounting journal entries to record inventory movements?
Increase Inventory - Purchase Dr - InventoryCr - Accounts Payable or CashIncrease Inventory - Manufacturing Completion Dr - Inventory (Finished Goods)Cr - Work in Process or Raw Materials Movement in Manufacturing - Beginning Production Dr - Inventory - Work In ProcessCr - Inventory - Raw Materials Sale of Inventory Dr - Accounts Receivable or CashCr - Inventory - Finished Goods
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 does the term Physical Inventory?
Physical inventory refers to the actual inventory in the warehouse. Inventory refers to completed products, not work in progress or raw materials.
What does the term Physical Inventory represent?
Physical inventory refers to the actual inventory in the warehouse. Inventory refers to completed products, not work in progress or raw materials.
What is the historical background of inventory system?
an inventory system is process for managing and locating objects or materials.
What are the accounting journal entries to record inventory movements?
Increase Inventory - Purchase Dr - InventoryCr - Accounts Payable or CashIncrease Inventory - Manufacturing Completion Dr - Inventory (Finished Goods)Cr - Work in Process or Raw Materials Movement in Manufacturing - Beginning Production Dr - Inventory - Work In ProcessCr - Inventory - Raw Materials Sale of Inventory Dr - Accounts Receivable or CashCr - Inventory - Finished Goods
How can you calculate the raw materials beginning inventory balance and raw materials available for use for COGM when you only have the purchase amounts for inventory and the closing balance?
yea mon
Which types of inventories does a manufacturing business report on its balance sheet?
1. Materials Inventory 2. Work in Process Inventory 3. Finished Goods Inventory
Difference between inventory and warehouse?
Inventory include materials, loose tools and finished products of an enterprise. Warehouse is the place for keeping the inventory for future use.
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 would you call a careful recording of materials?
It would be an inventory.
How to compute the cost per unit for direct materials and for conversion costs?
The unit cost for direct materials is computed by adding the materials cost in the beginning work in process inventory to the materials cost for the month divided by the total equivalent production figure.Conversion cost per unit is computed by adding direct labor and factory overhead divided by the total equivalent production figure.
What materials go into energy conversion?
This question is misguided. Energy conversion means one form of energy is converted into another, and energy is not made of materials.
What type of inventory accounts would be used by a retailer?
A retailer would typically use several types of inventory accounts. These may include "Finished Goods Inventory" to track the products ready for sale, "Raw Materials Inventory" to monitor the materials used in production, "Work in Progress Inventory" to track partially completed products, and "Merchandise Inventory" to keep a record of goods purchased for resale. Additionally, there may be specific inventory accounts for perishable or seasonal items.
