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

Q: What are the different methods to estimate inventory?

A:

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: What are the differences between Consignment and vendor managed inventory? Your response should…

A: VENDOR MANAGEMENT INVENTORY                                CONSIGNMENT 1. Here supplier is…

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

A: Audit Procedure:- An audit procedure is referred as the procedure which is used by the auditor to…

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: Periodic inventory system is used for high in value items. Select one: True False

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: Best Model for Managing Inventory and explain?

A: Inventory control helps your business maintain the right amount of inventory while reducing costs.…

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: 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: Demonstrate how the inventory cost flow assumption utilized might have an impact on liquidity…

A: Inventory cost flow assumptions refers to the way in which costs are removed from inventory and…

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: 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: 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: The tracking of inventory shrinkage due to theft, damage, or errors is completed with the help of a…

A: (A) physical CountThe tracking of inventory shrinkage due to theft, damage or error is completed…

Q: Items that are used in the production of an item but are not necessarily the primary items being…

A: Direct inventory includes materials directly used in manufacturing a product, like raw materials and…

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…

Q: What is the difference between a pull system and a push system of inventory control?

A: In the pull system of inventory control, releases are authorized. And, companies using this strategy…

Q: Understand inventory classifications and different inventory systems.

A: Definition: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…

Q: Explain the importance of inventory management system.

A: Inventory management system refers to managing and tracking inventory.

Q: Of the following, select the attribute that would be the best primary key in an inventory table. a.…

A: A primary key in a database is the unique identifier which can identify a particular item anywhere…

Q: Which inventory method is least likely to be used under IFRS? A . First in, fi rst out (FIFO).

A: Inventory is an important current asset for an organisation’s accounting, thus it is essential that…