Homework Answers
Answer : Physical possession.
Record as a inventory the basic thing is it should be physcial possession.
Later legal ownership, physical control, economic control.
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The basic criterion for including items in inventory is Olegal ownership physical control economic control physical...
Generally, determining the physical quantity that should be included in inventory is a simple matter because...
Generally, determining the physical quantity that should be included in inventory is a simple matter because it consists of items in the possession of the company. However, at the end of a reporting period it’s important to determine the ownership of goods that are in transit between the company and its customers as well as between the company and its suppliers. Also, goods on consignment should be included in inventory of the consignor even though the company doesn’t have physical...
Individuals who wish for the state ownership of resources and for state control over economic activity...
Individuals who wish for the state ownership of resources and for state control over economic activity are advocates of ________. Group of answer choices a. a market economy b. a synthetic economy c. capitalism d. communism e. a mixed economy
E7-1 LO7-1 Analyzing Items to Be Included in Inventory Based on its physical count of inventory...
E7-1 LO7-1 Analyzing Items to Be Included in Inventory Based on its physical count of inventory in its warehouse at yearend, December 31 of the current year, Plummer Company planned to report inventory of $34,000. During the audit, the independent CPA devel oped the following additional information: a. Goods from a supplier costing $700 are in transit with UPS on December 31 of the current year. The terms are FOB shipping point (explained in the Required" section). Because these goods...
Individuals who want the state ownership of resources and its control over economic activity are advocates...
Individuals who want the state ownership of resources and its control over economic activity are advocates of which of the following? A. Capitalism B. Laissez-faire economies C. Communism D. Socialism E. Market economy
Marigold Corp. just took its physical inventory on December 31. The count of inventory items on...
Marigold Corp. just took its physical inventory on December 31. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $305,400. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered. 1. Marigold Corp. has sent inventory costing $28,320 on consignment to Richfield Company. All of this inventory was at Richfield’s showrooms on December 31. 2. The company did...
Explain the industrial disaster of Lac-Megantic rail disaster including background, reasons of disaster, physical, economic and...
Explain the industrial disaster of Lac-Megantic rail disaster including background, reasons of disaster, physical, economic and environmental damages caused by the disaster, legal implications to the parties involved, lessons learned from the safety point of view, significant decisions taken/law passed by company/governments after the disaster. Matter of 13-15 slides is required.
ABC Analysis of Inventory Usage (3) C Items IB Items | A Items C Items B...
ABC Analysis of Inventory Usage (3) C Items IB Items | A Items C Items B Items A Items ABC Analysis of Physical Inventory (8) in the ABC Inventory Matrix, inventory in area Y suggests under-stocked A and B items. under-stocked B and C items. overstocked A and B items. over-stocked B and Citems. inventory matches sales.
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current...
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to 565,700. During the audit, the independent CPA developed the following additional Information: a. Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
There are four basic inventory methods to account for items. They are: First In First Out...
There are four basic inventory methods to account for items. They are: First In First Out FIFO, Last In First Out LIFO, Average Cost, and Specific Cost. However all firms must also take into consideration the Lower Cost or Market value for items in inventory. Please choose an item, industry, or product and then explain what method a company would use to account for this item, product or industry and why. Also, discuss the impact on the financial statements and...
Travis Company has just completed a physical inventory count at year-end, December 31 of the current...
Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $950 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
E7-1 LO7-1 Analyzing Items to Be Included in Inventory Based on its physical count of inventory in its warehouse at yearend, December 31 of the current year, Plummer Company planned to report inventory of $34,000. During the audit, the independent CPA devel oped the following additional information: a. Goods from a supplier costing $700 are in transit with UPS on December 31 of the current year. The terms are FOB shipping point (explained in the Required" section). Because these goods...
ABC Analysis of Inventory Usage (3) C Items IB Items | A Items C Items B Items A Items ABC Analysis of Physical Inventory (8) in the ABC Inventory Matrix, inventory in area Y suggests under-stocked A and B items. under-stocked B and C items. overstocked A and B items. over-stocked B and Citems. inventory matches sales.
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to 565,700. During the audit, the independent CPA developed the following additional Information: a. Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
There are four basic inventory methods to account for items. They are: First In First Out FIFO, Last In First Out LIFO, Average Cost, and Specific Cost. However all firms must also take into consideration the Lower Cost or Market value for items in inventory. Please choose an item, industry, or product and then explain what method a company would use to account for this item, product or industry and why. Also, discuss the impact on the financial statements and...
Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $950 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
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