Q1 A)Discuss the causes of stock obsolesce in the warehouse. B)
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Q1
A)Discuss the causes of stock obsolesce in the warehouse.
B)
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Solved in 2 steps
- Q1) Describe the company's inventory management system?Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $40 $600 Aug. 13 Purchase 5 units at $41 205 Nov. 30 Purchase 11 units at $42 462 Available for sale 31 units $1,267 There are 9 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3please give me only the answer no explantion is needed Question 4 To what does the following relate: Before a purchase of inventory can be made, it has to be authorized and supported by all relevant supporting documentation. 1. Monitoring of controls 2. Validity of transactions 3. Inherent limitations- cost vs benefit 4. Inherent limitations – human error, time constraints Question 5 To what does the following relate: Although the barcoding system in the warehouse is outdated and ineffective, the company cannot see the benefit in upgrading the system based on the high cost of the system. 1. Control environment 2. Inherent limitations – cost vs benefit 3. Validity of transactions 4. Control activities – independent checks and reconciliations Question 6 One of the six areas that an auditor needs to consider when obtaining an understanding of the entity is 1. Skills and competence of the audit…
- 1. Discuss the main material handling equipments used in warehouse and inventory management.Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 12 units at $47 Jan. 11 Aug. 13 20 units at $48 Nov. 30 $564 960 735 Avaliable for sale $2,259 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-sout (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Inventory Purchase Purchase 15 units at $49 47 units 1,284 Xexplain the Purposes of Inventory?
- The Majestic Theater had 378 cans of Kettle Corn and 132 cans of regular Pop Corn on hand at month end. During the next month Majestic sold 142 cans of Kettle Corn and 67 cans of regular Pop Corn. Cans of each cost $28.40. What is the value of the inventory on hand at the end of the second month?Question 1 a) Explain what a “supply chain” is. b) Explain why practioneers of supply chain management need to understand management accounting.Q.1. a) Explore the security concerns commonly associated with warehousing and inventory operations