the following questions. ____ 1. When a customer returns goods for credit, the seller should a. credit Accounts Payable. b. credit Accounts Payable. c. debit Accounts Receivable. d. credit Merchandise Inventory ____ 2. Credit terms of 3/10, n/30 mean that a(n) a. 10% cash discount may be taken if payment is made immediately; a 3% discount if paid within 30 days. b. 3% cash discount may be taken if payment is made within 10
Words: 1789 - Pages: 8
Solutions for Chapter 11 Audit of Acquisition and Payment Cycle and Inventory Review Questions: 11-1. Supply chain management involves the management and control of materials in the logistics process from the acquisition of raw materials to the delivery of finished products to the end user (customer). Supply-chain management involves contracts between buyers and suppliers that specify contract, delivery, and payment terms. In some cases, such as Wal-Mart, suppliers retain title
Words: 19271 - Pages: 78
1.0Importance of inventory management as it relates to farmers restaurant? Inventory management plays very important role in the restaurant business. When you are running restaurant business you need to look at inventory management as part of your preliminary plans. Kristin is facing inventory problems in Farmers restaurant. For this reason, explanation of inventory management is necessary for solving the problem of Kristin. Following solutions are applicable to help Kristin. 1.1nventory management
Words: 1238 - Pages: 5
warehousing model and transit point experiment model. Short haul transportation cost will remain unchanged as the trucks will still be delivering to retailers. Case 1: Roma Average Inventory Demand filled by regional warehouse Order cycle Current Model (values in Lire on per piece basis) Operating cost per order cycle Inventory cost per order cycle Transportation cost (10 trucks in 8 days delivering 1200 items) Total cost per piece per order cycle 1200 154.8 7.751937984 (1200/154.8) 961.3333333 (3605*(8/30))
Words: 1313 - Pages: 6
Timothy Towfeless Acct 301A Paper Prof. Jose Miranda Lopez FIFO Cost Flow for Buffalo Wild Wings (BWLD) Inventory Throughout the course of this class, many topics have been brought to the table. In every accounting class, they will reiterate the conceptual framework of accounting by briefly discuss about the Income Statement, Balance Sheet and Cash Flow Statement. Each accounting class they will go in depth of those conceptual frameworks, but in the perspective from the side of Assets or Liability
Words: 650 - Pages: 3
do not cover purchasing costs and other financial requirements, the firm must look to borrowing | | |to cover the deficit. | | | | |4-3. |With inflation, what are the implications of using LIFO and FIFO inventory methods? How do they affect
Words: 7123 - Pages: 29
MANAGEMENT ACCOUNTING MULTIPLE CHOICE PRACTICE QUESTIONS FOR TOPIC 1 72. Both direct materials and indirect materials are a. period costs. b. merchandise inventory. c. raw materials. d. manufacturing overhead. 73. Into which one of the following accounts would the work of factory employees that can be physically and directly associated with converting raw materials into finished goods be categorized? a. Direct labor b. Indirect labor c. Manufacturing overhead
Words: 1822 - Pages: 8
Cost of Goods To be able to calculate the cost of goods sold, you will need to calculate the goods with the “beginning inventory, and then add the cost of goods purchased minus the ending inventory equals cost of goods sold”.(Kimmel, P. D., Weygandt, J. J., & Kieso, D. E., 2011, p.287). The following Items makeup the cost of goods sold are the following items; labor expenses, cost of items on inventory and shipping cost or
Words: 278 - Pages: 2
8/27/14 Re: Inventory Method Recommendation After calculating your ending inventory values using the Periodic and perpetual FIFO, Periodic average, and Perpetual LIFO methods, the following conclusions can be made. To calculate the Periodic FIFO ending inventory value, the total number of units sold is subtracted from the total number of units on hand at the beginning of the period plus the total number of units purchased during the period. This gives us an ending inventory of 900 units. Since
Words: 588 - Pages: 3
Adjusting lower cost of market inventory on valuation • Capitalizing interest on building construction • Recording gain or loss on asset disposal • Adjusting goodwill for impairment The details will incorporate the reason behind why the element was established, the impact on financial reporting, current and future implications on the element, we will review each of these elements individually. Adjust lower cost of market inventory on valuation Adjusting lower cost of market
Words: 1928 - Pages: 8
