Question

In regard to these answers- The merchandise sold by the business I choose is the dental...

In regard to these answers-

The merchandise sold by the business I choose is the dental products that is products related to dental treatment.The business buys the inventory in order to sell the same to other doctors who are in the profession as a dental doctor.The relationship with a vendor usually depends on the quotation given by them, this business generally maintains long-standing relationship with its vendors and often negotiates for discounts.The FOB terms are looked after by the freight service providers all the custom clearance are looked after by them and the cost will be reimbursed to them by the business in question.

  1. How does the business actually pay its suppliers? Does it mail a check or pay electronically? What is the payment procedure?
  2. Which type of inventory accounting system does the business use: perpetual or periodic? Is this system computerized?
  3. How often does the business take a physical count of its inventory? When during the year is the count taken? Describe the company’s count procedures.
  4. Does the manager use the gross profit percentage to evaluate the business?
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Answer #1

1. The business pay to its suppliers only after clearing the customers.

2. The payment can be either through cheque or electronically.

3. The perpetual inventory system is recommended.And should be computerized for more visible tracking of goods.

4. Physical count must be taken based on the validity of the goods as these are dental products.

5. No information available for this.

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