All categories

2 years 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.

To know more about inventory here:

brainly.com/question/15118949

#SPJ4

You might be interested in

What is a press release?

stealth61 [152]

an official statement issued to newspapers giving information on a particular matter.

7 0

4 years ago

Read 2 more answers

Suppose the most you would be willing to pay to have a freshly washed car before going out on a date is $6. The smallest amount

Volgvan

Answer:

$2.50

Explanation:

The most you would be willing to pay to have a freshly washed car before going out on a date is $6

The smallest amount you would be willing to wash another person's car is $3.50

Therefore if you are going out and need to wash the car, the economic surplus that would be received from washing it can be calculated as follows

= $6 - $3.50

= $2.50

Hence the economic surplus that would be received from washing the car is $2.50

4 0

3 years ago

You own 100 shares a $50 par value preferred stock. The stock has a 12% dividend rate, and a current market price of $85 per sha

andriy [413]

Answer:

Option (a) is correct.

Explanation:

Value of stock:

= Present value of all cash flows

$=Dividend[\frac{1-\frac{1}{(1+r)^{n} } }{r}] + Par\ value[\frac{1}{(1+r)^{n} }]$

$=50\times 0.12[\frac{1-\frac{1}{(1.08)^{5} } }{0.08}] + 50[\frac{1}{(1.08)^{5} }]$

= $6 × 3.9927 + $50 × 0.6806

= $23.96 + $34.03

= $57.99 or $58

5 0

4 years ago

A society in which the producers in the economy specialize will have a greater production potential than a society without speci

lisov135 [29]

Answer:

Specialization helps in many ways and countries which specialize in production of things often end up having a positive balance of payment and a current account surplus.

The ways in which specialization helps to increase production are described below:

1) Increased production: In any economy where the producers are specialized, there is a significant increase in the quantity of the goods and services produced as compared to the society where specialization does not take place. Ultimately resulting in more exports and less imports.

2) Economies of scale: Increased specialization means that there is efficiency and less wastage of resources, hence resulting in economies of scale which means that the average cost per unit of making any product will decrease, which will result in more profit and more efficiency.

3) Improved quality of goods and services: Increased specialization means that the workers involved in producing goods are effective and efficient, which results in the overall improvement in quality of the goods and services produced in any country.

Hope this clears things up. Good luck buddy.

4 0

4 years ago

When conducting a five Cs analysis and developing the context, which factor should NOT be included in the analysis? Group of ans

aksik [14]

Answer: Firm Capabilities

Explanation:

The 5Cs of Marketing are used by Companies to come up with effective Marketing strategies by using them to clarify exactly what needs to be accomplished.

The 5Cs are; Company, Customer, Collaborators, Competition and Context.

Firm Capabilities does not fall under Context because Context deals with Political, Social, Economical and Technological aspects of the place in question.

Firm Capabilities fall under Company analysis where the company aims to find out if it is capable of of meeting Consumer demands.

4 0

3 years ago