ZuoTi.Pro
Question

Merchandising companies need to have inventory available to sell to the consumer, creating a need to...

Merchandising companies need to have inventory available to sell to the consumer, creating a need to identify how to account for the purchase and sales of the inventory. In addition, there are costs associated with having inventory. You have been asked to propose an inventory system to handle the accounting for the purchasing and selling of merchandise.

The company needs to also understand how to handle the accounting for the costs of inventory. You are to select the inventory system for the purchasing and selling of inventory, and define the differences, if any, between how it is handled under GAAP and IFRS. You need to also explain how your selection will have an effect on the accounting for the costs of the inventory.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)

All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
Merchandising companies need to have inventory available to sell to the consumer, creating a need to...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Similar Homework Help Questions

  • Merchandising companies invest large sums of money in inventory, having to account for the purchasing, selling,...

    Merchandising companies invest large sums of money in inventory, having to account for the purchasing, selling, and costs. Most U.S. based companies or companies on U.S. exchanges have previously had to follow the GAAP standards. As IFRS has moved forward in many countries, these companies have to review if the GAAP or the IFRS standards should be used. Your company has been following GAAP standards and is looking to expand to international markets. You have been using a LIFO cost...

  • 1. Discuss some differences between a service business and a merchandising business. Provide unique examples of...

    1. Discuss some differences between a service business and a merchandising business. Provide unique examples of each in your discussion. Are there some businesses that incorporate both approaches and have products and services? If so, provide examples of these also. 2. Define Cost of Merchandise Sold in the context of an example of a business. In other words, define it by illustrating it as it pertains to a business you have chosen. As always, make your choice unique from your...

  • Need help to solve #3 000 000 600 000 200 Brief Exercises, DO IT! Exercises, available...

    Need help to solve #3 000 000 600 000 200 Brief Exercises, DO IT! Exercises, available for practice in WileyPLUS. NOTE. A asterisked Questions, Exercises and Proble WileyPLUS Bri DO ITI Exercises, Exercises, Problems, and many additional resources are is relate to material in the appendix to the chapter. QUESTIONS (a) The steps in the accounting cycle for a mer chandising company differ from the steps in the accounting cycle for a service company." Do you agree or disagree? (b)...

  • Chapter 18 Introduction to Managerial Accounting Directed Reading Guide Why is managerial accounting important? Identify as...

    Chapter 18 Introduction to Managerial Accounting Directed Reading Guide Why is managerial accounting important? Identify as a focus of Managerial (M) or Financial (F) accounting: Primarily for internal users   ______ Primarily for external users   ______ Follows GAAP rules             ______ Summary reports of the entire company      ______ Concerned about how reports will affect employee behavior ______ Managers need information for? How are costs classified? Manufacturing (product) costs categories are: materials labor overhead __________________ combines direct materials and direct labor. __________________ combines...

  • Accounting

    Bessrawl Corporation is a U.S.-based company that prepares its consolidated financial statements in accordance with U.S. GAAP. The company reported income in 2017 of $1,000,000 andstockholders’ equity at December 31, 2017, of $8,000,000.The CFO of Bessrawl has learned that the U.S. Securities and Exchange Commission is considering requiring U.S. companies to use IFRS in preparing consolidated financial statements. The company wishes to determine the impact that a switch to IFRS would have on its financialstatements and has engaged you to...

  • Manufacturing companies typically have one or more of the following three types of​ inventory: direct​ materials,...

    Manufacturing companies typically have one or more of the following three types of​ inventory: direct​ materials, work-in-process, and finished goods. The companies purchase materials and components and convert them into various finished goods. To be able to solve for the amounts required in this problem you need to understand the flow of inventory. Direct​ materials, direct labor and manufacturing overhead flow into​ work-in-process inventory as the units are being produced. When the units are completed the cost of the goods...

  • "Inventory Costing Methods"  Please respond to the following: DQ #1 Assume that you have been hired as...

    "Inventory Costing Methods"  Please respond to the following: DQ #1 Assume that you have been hired as the production manager of a manufacturing company and must determine the best inventory costing system to implement. Discuss two factors that must be considered before making the determination. DQ #2 As a production manager, one of your key tasks is to improve efficiencies by either increasing productivity or reducing cost. Determine whether the responsibility reports needed to track performance should be created by department,...

  • need help with the first part of the question, not the article part. below are Ebuy's...

    need help with the first part of the question, not the article part. below are Ebuy's ratios below are Amazing company's ratios You have just received a large annual bonus at work, and have decided to invest it in stocks for your retirement. You have been analyzing different stocks and have narrowed your choice to two possibilities. You can either invest in Amazing Company, or in EBUY. EBUY's ratios are given below. Select 3 ratios you might use to determine...

  • : Different costing methods provide companies with different options for categorizing and calculating costs. Managers and...

    : Different costing methods provide companies with different options for categorizing and calculating costs. Managers and cost accountants should understand the differences between costing methods so that they can choose and properly implement the method that best suits their needs for decision making. For this short paper, you will compare the characteristics of job costing and process costing methods and give examples of when and why each might be used. You will also address the use and benefits of costing...

  • please help with both parts asap! Thanks This is a cost allocation problem for a merchandising...

    please help with both parts asap! Thanks This is a cost allocation problem for a merchandising firm. Since merchandising firms do not have overhead, you must allocate "operating costs" instead of "overhead costs." Also, the allocations in this problem are to a department, not to a product or job. Nonetheless, the allocation process is the same. Just follow the three steps used in the lectures: 1. Read the problem and question carefully to determine the cost driver. 2. Compute the...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT