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1 year ago

How does inventory differ from other types of purchases and discuss what controls pertain specifically to inventory processes?

1 answer:

4 0

Inventory are the products which are directly involved in the manufacturing of a business. Inventory includes raw materials inventory, work in progress inventory and finished goods inventory.

In a merchandising business, inventory includes all the products available for use. There are inventories in the administrative section of the company also which is known as the supplies Inventory.

Purchases are a nominal account that forms part in the cost of goods sold. Purchases term is used in the manufacturing firm and is the raw materials needed in the production of their product, thus will also form part of the inventory account if there is a left over for it.

Inventory on the other hand can come from the purchases itself in terms of the raw materials.

There are many inventory control such as the following:

Conducting different semi annual inventory count to know the actual number of inventory in hand against the monitoring of the inventory

Maintaining security of the facility of the stockroom storage by having cctv and padlock of the room.

Checking the incoming and outgoing inventory based on the documents given in the store.

Proper segregation of duties must be there, the record keeper should not be the same person as the one holding the inventory.

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3 years ago

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2 years ago

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Cost-plus-fixed-fee pricing

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2 years ago

In Poland's free-market, Felix Siemienas is making a fortune in cold cuts. Prices are much higher than formerly. Siemienas says,

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The correct answer would be, The Law of Demand.

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Explanation:

In the field of economics, there are two basic concepts of Demand and Supply.

According to The Law of Demand, When the price of the good or service increases, the demand for that product or service decreases, and if price of the good or service decreases, the demand for that product or service increases, keeping all other factors constant.

So this is what Siemienas says that if the demand for his product will decrease, he will decrease the price of the product in order to maintain the sales of his company.

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2 years ago

Despite your numerous emails and voicemail messages, a normally dependable vendor has not responded to your important question.

Bogdan [553]

Answer:

A) Consider sending a printed message.

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According to the scenario, the most sensible step to get an important response from a supplier after the supplier has not responded would be to send a printed message.

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