Explain the importance of inventory management system.

Q: Discuss some measures that should be taken to maintain control over merchandise inventory.

A:

Q: What is a LIFO inventory pool?

A: Definition: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So,…

Q: Differentiate between periodic and perpetual inventory system with the help of an example.

A: The monetary amount associated with the goods in inventory at the end of an accounting period is…

Q: Importance of inventory control system

A: Importance of inventory control system:-

Q: How do you find the ending inventory?

A: Many companies earn revenue by selling inventory rather than a service. These companies are…

Q: What is a Perpetual inventory system?

A: Perpetual Inventory System: The perpetual inventory system records and updates the inventory after…

Q: what is FIFO inventory method?

A: FIFO inventory method is one of the methods of calculation of value of ending Inventory and cost of…

Q: Inventory tumover

A: Inventory turnover ratio = Cost of goods sold/((Opening inventory + Closing inventory)/2)

Q: What is inventory blanket lien?

A: Lien: Lien is a lawful right in contradiction of assets that are usually utilized as security to…

Q: Identify whether each description best applies to a periodic or a perpetual inventory system.…

A: Perpetual inventory system is a system that records real time transactions of received or sold…

Q: Explain how the inventory cost flow assumption that was utilized might have an impact on liquidity…

A: Inventory Cost Flow Assumptions refer to the many ways for determining the cost of inventory sold…

Q: Describe the types of errors in inventory.

A:

Q: What are the two main types of inventory and which is considered a physical count?

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: Make a comparison between periodic and perpetual inventory systems and explain under which…

A: Answer: As per Q/A guidelines first question has been answered. Please repost remaining question.…

Q: O and LIFO inventory management?

A: The method an organization uses to assess their inventory prices can have an effect on their…

Q: What is inventory conversion period?

A: Conversion period refers to the length of period at which one asset is converted into another form.…

Q: Demonstrate how the inventory cost flow assumption utilized might have an impact on liquidity…

A: Inventory cost flow assumptions refers to the way in which costs are removed from inventory and…

Q: Management and auditor are concerned about inventory control function in automated system? Why? How…

A: Inventory control function in automated system :                   In automated system, inventory is…

Q: How is inventory valuation made? Explain?

A: Stock or inventory are important yet inert resources lying with the organization at the end of an…

Q: e calculation of inventory availability

A: Option I is correct because by knowing the current stock levels, the calculation of inventory…

Q: What is Included in Inventory?

A: Inventory is the assets available for sale and used in process of production of such assets for sale…

Q: What is an upstream sale of inventory?

A: The upstream sale of inventory is an inter-company transaction between the parent company and the…

Q: Identify what oversights inventory turnover ratio can provide to a financial analyst.

A: Lets start with basic understanding. Inventory turnover ratio is efficiency ratio which indicates…

Q: Define Perpetual inventory system.

A: A perpetual inventory system updates and records the transaction as and when it occurs either at the…

Q: Explain Inventory Estimation Techniques.

A: Inventory Estimation Techniques:

Q: Define the term inventory costs.

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: How about perpetual inventory system

A: The difference between the recording of the inventory under periodic and perpetual inventory system…

Q: Describe the integration of the Inventory Ledger with the Payables, Receivables and General Ledgers.

A: Solution:- Introduction:- An integrated accounting system is application software in which all the…

Q: Identify the following questions as most likely to be asked by an internal (I) or an external (E)…

A: Definition: Internal users: The internal users are the users of the information who are within the…

Q: Why is it important to manage inventory?

A: Given: To manage the inventory as follows,

Q: A relational database system contains the following inventory data: part number, description,…

A:

Q: What is a downstream sale of inventory?

A: The downstream sale of inventory is an inter-company transaction between the parent company and its…

Q: Of the following, select the attribute that would be the best primary key in an inventory table. a.…

A: A primary key in a database is the unique identifier which can identify a particular item anywhere…

Q: What purpose does a purchasing department serve?

A: Purchasing Department: The purchasing department accommodates the organization for the inventory…

Q: An inventory roll-forward is a kind of inventory management. Exactly what kind of forward-looking…

A: Introduction:      It is the systematic production of new reporting periods' accounts using (rolling…

Q: Define LIFO inventory pools.

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: Which of the following is NOT an inventory management technique?

A: Every business unit follows an inventory management process to manage its stock of goods efficiently…

Q: Describe types of inventory.

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Define the term physical inventory.

A: Physical inventory: It is process in which a company verifying its inventory by counting them…

Q: Describe measures to control merchandise inventory.

A: Control over merchandise inventory: For a merchandise business, maintaining an effective control…

Q: Differentiate between perpetual and periodic Inventory system.

A: Perpetual inventory system refers to the method of inventory management which records the real-time…