Describe merchandising operations and the two types of merchandise inventory systems
Describe merchandising operations and the two types of merchandise inventory systems
LOL. What are merchandising operations a) List and describe the operating cycle of a merchandising business: b) In your own words, define Cost of Goods Sold? c) In your own words, define Gross Profit and how is it calculated? a) What is the difference between the period and perpetual inventory systems? LO2. How are purchases of merchandise inventory recorded in a perpetual inventory system a) Using the perpetual system, Journalize for: a) the purchase of merchandise inventory of $1,000 on...
Below are data for two companies: 1. Define the three business types: service, merchandising, and manufacturing. 2. Based on the data given for the two companies, determine the business type of each one. 3. Calculate the cost of goods sold for each company. Company A Company B Beginning balances: Merchandise Inventory $10,200 Finished Goods Inventory $15,200 Ending balances: Merchandise Inventory 12,900 Finished Goods Inventory 12,300 Net Purchases 155,000 Cost of Goods Manufactured 211,00
Identify and describe the pros and cons of the different accounting inventory systems. Think of a business you want to run once you graduate, maybe a grocery store, a restaurant, a car dealership, and so on. Make sure this is a business with merchandise inventories. Identify the types of inventory you would have, and what accounting system would you use, why or why not?
4. Following information is available for a merchandising company. Total merchandise cost (total merchandise purchases): 30,000,000 TL. Merchandise stay in inventory for 20 days (average days in merchandise inventory is 20 days) 30 % of the customers pay cash directly, 70 % of the customers pay by credit card. Average collection period for credit card receivables is 35 days. 10% of the merchandise costs are paid 30 days in advance (30 days before receiving the merchandise) Calculate this merchandising company's...
Define merchandise inventory. What types of costs are included in the Merchandise inventory account?
In the class lectures and readings, we defined and discuss two different types of inventory systems. a) List/Identify the two different types of Inventory Counting Systems 1) 2) b) Discuss the strengths and weaknesses of each system. Be as thorough as possible.
Define merchandise inventory. What types of costs are included in the Merchandise inventory account? ( min 150-200 words)
Distinguish among the types of inventory accounts used for merchandising and manufacturing companies?
QUESTION 1: MERCHANDISING AND INVENTORY VALUATIO 2 of 9 1. A merchandising business sells merchandise for $20.000 cash This merchandise cost the company $12.00 The company uses a perpetual inventory method Prepare the journal entries to record this sale. (4 marks) Date Account Title Ref Debit Credit INVENTORY VALUATIONS Beta Radios uses a periodic inventory system. The beginning inventory of Model X5 radios and the purchases for the year were as follows: (16 marks) Jan. 1 Beginning inventory 1,000 units...
In your own words describe two types of integrated delivery systems. 300 word minimum!!