Analytics of the inventory item that produces the most profit is an example of the diagnostic analytics of __________.

Q: An audit trail allows you to trace a source document to its final effect on the financial statements…

A: Audit trails are manual or electronic records that are chronologically defined events to provide…

Q: Explain the cost of inventory of a service provider.

A: Inventory refers to the stock of a company that is kept in storage for the final purpose of selling…

Q: Which of the following is an advantage of the periodic inventory system?A. frequent physical…

A: When a physical inventory count is performed, a periodic inventory system just updates the ending…

Q: How to do INventory valuation with WAC method. Could you please explain this with an example…

A: Inventory valuation is done by the companies in order to find the value of the inventory that…

Q: Describe Change in Inventory Method and Inventory Errors.

A: Change in Inventory method:   Inventory change is the difference between the amount of last period's…

Q: 1.What are the three primary inventory cost flow assumptions? 2. How is cost of goods sold…

A: Since you have posted multiple questions, we will do the first one for you. To get the other…

Q: Write out the formula for the total costs of carrying and ordering inventory, and then use…

A: The formula for the total costs of carrying and ordering inventory and using the formula to derive…

Q: What is the main distinction between perpetual and periodic inventory systems? Which type of system…

A: Explain the main distinction between perpetual inventory system and periodic inventory system and to…

Q: Discuss the effect of absorption and marginal costing on inventory valuation and profit…

A: Absorption costing also written as full costing. Under this method, all costs are considered in…

Q: I need help determining the cost assigned to inventory and the cost of goods sold using FIFO. Some…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: The cost method that will yield an ending inventory value that is somewhere between possible high…

A: Inventory valuation has 4 Methods - 1. FIFO 2. LIFO 3. Weighted Average 4. Specific Identification…

Q: The specific identification inventory method should be used when the inventory consists of…

A: Specific identification inventory method: It is a method used to value the inventory. It calculates…

Q: How is Inventory audited?

A: Introduction Inventory audit is an analytical procedure that cross checks the financial records with…

Q: Discuss the effect of absorption and marginal costing on inventory valuation and profit…

A: Lets understand the basics. Generally one of the two costing methods are followed by entities to…

Q: A REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE ASSERTION[S] E=existence…

A: Auditing:- An audit is the referred as the physical examination of books of accounts. This can be…

Q: When inventory items are highly specialized, the best inventory costing method is ________.A.…

A: Inventory is one of the important current asset for the business. Management and valuation of…

Q: s) Which of the following is NOT a benefit of the Specific Identification method of tracking…

A: The specific identification method represents that the inventory is valued and tracked on an…

Q: Explain the connection between inventory testing and acquisition and payment cycle tests. These two…

A: Acquisition and payment cycle tests are tests or procedure that are used for acquisition or purchase…

Q: To determine the cost of ending inventory using the LIFO​ method:       A. the average cost of the…

A: INVENTORY VALUATION Inventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Which of the following is an advantage of using a perpetual inventory system A. It is effective with…

A: In this question, we have to find out that from the following options which one is the advantage of…

Q: Describe some inventory control systems that are used in practice

A: Inventory control system: The inventory control system can be defined as the use of a computerized…

Q: Why is it important to manage inventory?

A: Given: To manage the inventory as follows,

Q: Explain the appropriate accounting treatment required when an inventory error is discovered.

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…