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grandymaker [24]
2 years ago
11

An inventory turnover analysis is useful to the internal auditor because it may detect:_____.

Business
1 answer:
Vika [28.1K]2 years ago
4 0

An inventory turnover analysis is useful to the internal auditor because it may detect <u>the existence of obsolete merchandise.</u>

Inventory that has reached the end of its useful life is called as obsolete inventory. It has been a while since this inventory was utilized or sold, and it is not anticipated that it will be in the near future. This kind of inventory must be written off or written down and can result in significant losses for a business.

<h3>What is turnover analysis?</h3>

The dynamics of people leaving or remaining in an organization are evaluated using turnover analysis to:

  • how many workers quit
  • The causes of people's departures and stays
  • The expense of turnover caused by a lapse in company continuity
  • How to reduce the danger of present employees leaving the company through turnover

The projected expense of replacing a paid worker ranges from 6 to 9 months of that worker's salary and includes both the direct expense of hiring a replacement and the indirect expense of lost productivity.

The ability of the company to accomplish its objectives and provide for its consumers may be compromised by high turnover. The customer experience can change noticeably even in response to small increases in turnover.

Employee turnover costs are frequently unforeseen and hence not accounted for.

Learn more about inventory turnover

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Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams est
exis [7]

Answer:

$364,980

Explanation:

Computation for the amount of under- or overapplied overhead for the year.

First step is to calculate the

Predetermined Overhead using this formula

Predetermined Overhead rate = Estimated overhead/direct labor estimated

Let plug in the formula

Predetermined Overhead rate= 358,900/227,000

Predetermined Overhead rate= 158% of direct labor cost

Now let determine the Overhead applied

Overhead applied = $231,000*158%

Overhead applied= $364,980

Therefore the amount of under- or overapplied overhead for the year is $364,980

4 0
4 years ago
Logistics means creating an efficient assembly line. <br><br> A. <br> True <br> B. <br> False
-Dominant- [34]

Answer:

A.

Explanation:

4 0
4 years ago
Read 2 more answers
Your friend currently works as an accountant at a public accounting firm in the small town of Beaver Falls, Pennsylvania. He is
Papessa [141]

Answer:

A. your friend most likely should not be quite so excited because the extremely high cost of living in New York City means his real salary increase will be less than he imagined.

Explanation:

Here are the options to this question :

A. your friend most likely should not be quite so excited because the extremely high cost of living in New York City means his real salary increase will be less than he imagined.

B. your friend has no reason to be excited because higher pay implies more job responsibilities and more working hours.

C. your friend has every reason to be excited because he will be getting paid 120% of what he used to be paid.

D. your friend has reason to be excited because in a bigger city he will have more things to do and his higher salary will allow him to spend on those activities.

Cost of living in a big town is higher than living in a small town. Even though the nominal income of my friend has increased, the real income might not have increased due to the high cost of living in a big city.

Nominal income is the money income being earned. My friend's nominal income would increase from $50,000 to $60,000 if he takes the new job.

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5 0
3 years ago
A company purchased $2,000 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $300 worth of merchandise. On
wlad13 [49]

Answer:

The correct journal entry to record the payment on July 12 is:

Debit Accounts Payable $1,700

Credit Merchandise $34

Credit Cash $1,666

Explanation:

Credit terms of 2/10, n/30 means that 2% discount for the payment within 10 days and the full amount to be paid within 30 days.

On July 5:

Debit Merchandise $2,000

Credit Accounts payable $2,000

On July 7:

Debit Accounts payable $300

Credit Merchandise $300

On July 12, the company pays and takes the appropriate discount:

2% x ($2,000 - $300) = $34

The company uses a perpetual inventory system, and records purchases using the gross method.

The journal entry to record the payment:

Debit Accounts Payable $1,700

Credit Merchandise $34

Credit Cash $1,666

8 0
4 years ago
I need help! It’s for a test.
Vilka [71]
I think is D



Is the most obvious out of the others
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3 years ago
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