AP Problem 1 (1)

Answe these questions in relation to accounting packages systems

Problem 1. - Expenditure Cycle Walker Books, Inc. (Manual System withMinimal PC Support) Purchases System The purchases process begins with the purchasing agent, who monitors the levels of books available via a computer terminal listing current inventory. Upon noticing deficiencies in inventory levels, the agent manually generates four hard copies of a purchase order: one is sent to accounts payable, one is sent to the vendor, one is sent to the receiving department, and the last is filed within the department. Vendors will generally ship the products within five business days of the order. When goods arrive in the receiving department, the corresponding packing slip always accompanies them. The receiving department clerk unloads the goods and then reconciles the packing slip with the purchase order. After unloading the goods, the clerk manually prepares three hard copies of the receiving report. One copy goes with the goods to the warehouse, another is sent to the purchasing…

The Inventory module window has journal icons for Select one: O a. inventory sales and inventory purchases b. item assembly and inventory adjustments O c. inventory sales and inventory adjustments O d. all of the above Show Transcribed Text You should use the adjustments journal to record - Select one: O a. adjustments to inventory purchase prices from the supplier as an allowance for damages O b. adjustments to inventory sale prices to customers as an allowance for damages c. adjustments to inventory in stock for damaged goods O d. all of the above

This week we study Purchasing related to inventory. There are two types of Inventory Systems, Perpetual vs Periodic. Using your textbook and other sources such as the internet, discuss the following question and respond to a classmates discussion. Discussion Question: Do you believe that all Inventory should be tracked using a Perpetual Inventory System versus a Periodic System, no matter what the inventory item value or quantity is?

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Enumerate the data and their type that you can identify or infer from the following application areas. 1. Inventory System of XYZ Wholesale Corporation. The company keeps track of pertinent information regarding all the items in stock through its computerized inventory system. This system enables the company to determine in a few keystrokes and at any time the quantity or stock level or every item. It allows XYZ to set the reorder level and reorder quantity each time such that when the stock level falls below the critical level, the item is automatically reordered from its supplier. The preparation of the purchase order is also automated because the supplier and its address, the reorder quantity, the unit cost, and the description of the item are all available on the computer. When an item in stock is replenished (supplied) or diminished(sold), its inventory and its potential profit margin because the unit selling price aside from the unit acquisition cost of each item is also stored…

Q2

Construct a Purchase Ledger Control Account, using your own numerical example, with  five items of your choice

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Need Help on the following question. Question #1 You have been hired by the CEO of a soon-to-be-opened bookstore to develop procedures to help control inventory. List, describe, and defend four procedures you recommend be implemented to control inventory. As part of your response, be sure to describe any potential costs associated with these procedures.

Calculate the gross cost of merchandise sold.  Present your answer with a dollar sign, comma separator, and rounded to the dollar (i.e. $19,642).   NOTE.  In order to get the answer on the key, you have to use the cost value of Physical Inventory NOT the cost value of Closing Book Inventory.  Physical inventory is the more correct number, so this is the appropriate approach. NOTE.  In order to get the answer on the key, you have to compute the cost percent, rounded to four decimal places (i.e. 53.1234%).  This is a short-coming of the key that came with your textbook - and the authors' computation of the answer using Excel instead of a caluclator. NOTE.  There are four questions associated with this data.  You will ultimately complete a complete RIM exercise.       Cost ($) Retail ($) Opening inventory 130,410 201,543 Gross purchases 418,390 884,916 Returns to vendors 1,726 3,514 Cash discounts 2,040   Alteration costs 1,620   Freight 1,690   Gross Sales   806,430…

Multiple choice

For each statement below, identify whether the statement applies to the periodic inventory system, the perpetual inventory system, or both. Periodic inventory system, Perpetual inventory system, or Both? a. Normally used for relatively inexpensive goods. b. Keeps a running computerized record of merchandise inventory. c. Achieves better control over merchandise inventory. d. Requires a physical count of inventory to determine the quantities on hand. e. Uses bar codes to keep up-to-the-minute records of inventory.

Multiple-Choice Questions 3. Which function should the billing departmentNOT perform?a. record the sales in the sales journalb. send the ledger copy of the sales order toaccounts receivablec. send the stock release document and the shipping notice to the billing department as proofof shipmentd. send the stock release document to inventorycontrol

Question 12 If a client doesn't want to track the quantity on hand of the products they the sell, what Product/Service type should they select when setting up items in QuickBooks Online? MAJ Sales Bundle Inventory Service Non - inventory

Which of the following are characteristics of a perpetual inventory system? (a). Management knows how much inventory is on hand at all times. (b). Purchases of inventory are recorded to the inventory account. (c). The computer tracks inventory upon a sale and the cost of goods and inventory are immediately updated. (d). All of these.

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Access EDGAR (Electronic Data Gathering, Analysis and Retrieval) on the internet at www.sec.gov. Access a 10-K filing for any company. Search for the notes regarding their inventory valuation method(s) and describe them in a paragraph. Each student should use a different company. Please remember to include a link to the 10-K of your company in your post.

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please answer in text form with introduction , concept , explanation, narrations computation , steps clearly and completely in proper format no AI no copy paste will downvote if use AI or copy paste