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- Write out the formula for the total costs of carrying and ordering inventory, and then use the formula to derive the EOQ model.choose the letter of answer Inventories are usually written down to net realizable value a. Item by item b. By classification c. By total d. By segmentThe accounting for inventory involves determining the correct unit counts comprising ending inventory, and then assigning a value to those units. Explain the 3 important types of Inventories
- Give a detailed definition of "inventory', based on IAS2, Inventories. Use suitable examples to explain the following terms with regards to IAS 2, Inventories: i. Cost ii. cost of purchase iii. cost of conversionNEED ANSWER ASAP Q: USING THE BALANCE SHEET PROVIDED, WHAT IS THE AVERAGE FINISHED GOODS INVENTORY? EXPLAINWhich inventory costing method produces a more accurate balance sheet – FIFO or LIFO? ______________ Provide brief explanation.
- Compute the total inventory value that should be shown on the statement of financial position for these 3 types of componentsPrepare the inventory records using the Weighted Average Cost (WAC) method.Based on the data in Exercise 6-15 part (a) and assuming that cost was determined by the FIFO method, show how the inventory would appear on the balance sheet.
- Planning and regulating inventory use and their associated expenses is the focus of a substantial quantity of accounting information. Explain, using examples, the five types of expenses connected with resale products and the resources required to produce itWhich of the following inventory method measures most closely the current cost of inventory? a. FIFO b. LIFO c. Weighted average d. Specific identificationOf the following, select the attribute that would be the best primary key in an inventory table. a. ITEM NAME b. ITEM LOCATION c. ITEM COST d. ITEM NUMBER e. ITEM SUPPLIER
