Why is it necessary to count inventory when a perpetual inventory control system is used? Explain. Why
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
Cost formula Perpetual inventory record keeping doesnt capture al...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
Why is it necessary to physically count inventory when the perpetual inventory method is being used?
-
When defining the electric field, why is it necessary to specify that the magnitude of the test charge be very small?
-
Why is it necessary to calculate separate equivalent units of production for each cost component of a product? Are there times when separate EUP schedules are not necessary and, if so, why?
-
A box is 4 in. high. Its length is I.5 times its width. The volume of the box is 1350 in. 2 . What are the width and length of the box? 2 answers
-
What is a medium of exchange? Why must money act as a medium of exchange?
-
During the debate, a question comes up concerning whether the bonds should have an ordinary (not make-whole) call feature. Chris confuses everybody by stating, The call feature lets S & S Air force...
-
A production line is to run at 1000 units per month. Sales are forecast as shown in the following. Calculate the expected period-end inventory. The opening inventory is 500 units. All periods have...
-
1. Describe the mechanisms that WorldComs management used to transfer profit from other time periods to inflate the current period. 2. Why did Arthur Andersen go along with each of these mechanisms?...
-
ct Question 7 0/2 pts Use the following Total Tax / Annual Income relationship to determine which of the following would be used to calculated the Total Tax for an Annual Income of $58,900? Total Tax...
-
Construction Helicopters paid Heli-Dyne Systems $315,000 for three helicopters that were in Argentina. Two were ready to fly, and one was disassembled for routine maintenance. The contract said...
-
Why might it be difficult to actually determine the NRV of inventory when applying the lower of cost and NRV rule? Provide some examples of when determining NRV might be difficult.
-
Explain how the specific identification method of valuing inventory works. Why do most entities not use this method? Under what circumstances is the method useful? Why does this method sometimes make...
-
Describe and explain how the equilibrium wage and level of employment are determined in labor markets.
-
For this online discussion, we will explore the relevance of various management styles in the context of your respective organizations. Your task is to review different management styles and propose...
-
Is a t-Distribution Appropriate? A sample with size n = 10 has x = 508.5, and s = 21.5. The dotplot for this sample is given below. 0000 00 500 510 520 530 540 550 560 570 Indicate whether or not it...
-
Interpret the results. Write a statement to summarize your conclusion. Is a relationship present? Do we accept or reject the null hypothesis? Are the two variables related? Why or why not?
-
Case study information Australian Renewable Energy Hub Source: https://research.csiro.au/hyresource/australian-renewable-energy-hub/ April 20th, 2023 The Australian Renewable Energy Hub (AREH) will...
-
Listening is a crucial leadership skill that is essential for building effective relationships and solving problems. Write a paper that explores the importance of listening as a leadership skill,...
-
James Lee, a wealthy investor, exchanged a plot of land that originally cost him \(\$ 30,000\) for 1,000 shares of \(\$ 10\) par common stock issued to him by Bay Corp. On the same date, Bay Corp....
-
The following processes constitute the air-standard Diesel cycle: 12: isentropic compression,23: constant-volume energy addition (T and P increase),34: constant-pressure energy addition (v...
-
We considered the fixed effects logit model with \(T=2\). (a) In this problem, we look at \(T=3\) and we ask the reader to compute the conditional probabilities that would get rid of the individual...
-
For the past several years, Abby Brown has operated a part-time consulting business from her home. As of June 1, 2012, Abby decided to move to rented quarters and to operate the business, which was...
-
The unadjusted trial balance of PS Music as of July 31, 2012, along with the adjustment data for the two months ended July 31, 2012, are shown in Chapter 3. Based upon the adjustment data, the...
-
Kate Jackson, a new staff accountant, is confused because of the complexities involving accounting standard setting. Specifically, she is confused by the number of bodies issuing financial reporting...
-
ABC Corporation has an activity - based costing system with three activity cost pools - Machining, Setting Up , and Other. The company's overhead costs, which consist of equipment depreciation and...
-
Consolidated Balance Sheets - USD ( $ ) $ in Thousands Dec. 3 1 , 2 0 2 3 Dec. 3 1 , 2 0 2 2 Current assets: Cash and cash equivalents $ 9 8 , 5 0 0 $ 6 3 , 7 6 9 Restricted cash 2 , 5 3 2 Short -...
-
How does corporate governance contribute to investor confidence and stakeholder trust? Accounting
Study smarter with the SolutionInn App