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finlep [7]
1 year ago
9

the purpose of tracing a sample of inventory tags to a client's computerized listing of inventory items is to determine whether

the inventory items represented by tags were included on the listing. included on the listing were properly counted. represented by tags were reduced to lower of cost or market. included in the listing were properly valued.
Business
1 answer:
olga2289 [7]1 year ago
5 0

To check whether the inventory items match up with a client's computerized listing of inventory items, a sample of inventory tags is traced to it. The fact that the items counted and noted on the tags were also noted in the inventory list is demonstrated by tracing the tags to the inventory listing. This is the statement of completeness.

An inventory item, put simply, is a company's stock of finished products or the raw ingredients used to make those products. The stage of production for an item will decide which inventory category it is counted in: raw materials, works-in-progress, or finished goods. This article will refer to sellable inventory. Maintenance, repair, and operation (MRO) inventory is a type of non-sellable stock that is required for production but isn't a component of final items.

Inventory item are often tangible assets that businesses can count and measure. As an illustration, a bakery might put in its inventory all the components required to make its baked goods, such as flour, sugar, yeast, salt, and milk. Capital equipment, not inventory, including baking trays and ovens.

Learn more about inventory item here

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Country x would have an absolute advantage over country y in the production of automobiles under what conditions?
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4 0
3 years ago
Read 2 more answers
Able, Baker, and Charlie are the only three stocks in an index. The stocks sell for $94, $312, and $90, respectively. If Baker u
WARRIOR [948]

Answer: The new divisor for the price-weighted index is 0.77982

Explanation:

Divisor = [(94 + 312/2 + 90) / [(94 + 312 + 90) / 3]

= 0.77982

7 0
3 years ago
Smiley Corporation sold equipment costing with of accumulated depreciation for cash. Which of the following journal entries shou
Pani-rosa [81]

The question is incomplete as the figures are missing. The complete question is,

Smiley Corporation sold equipment costing $72, 000 with $66, 000 of accumulated depreciation for $10, 000 cash. Which of the following journal entries should be prepared?

A. debit Cash for $10, 000, credit Equipment for $6000 and credit Gain on Sale of Equipment for $4000

B. debit Cash for $10, 000, debit Accumulated Depreciation - Equipment for $66, 000, credit Equipment for $72000 and credit Gain on Sale of Equipment for $4000

C. debit Cash for $10, 000 and credit Gain on Sale of Equipment for $10, 000

D. debit Accumulated Depreciation - Equipment for $66, 000 and credit Equipment for $66, 000

Answer:

Option B is the correct answer.

Explanation:

To calculate the gain or loss on disposal of the equipment, we first need to determine the book value of the equipment on the date of sale.

Net Book Value = Cost - Accumulated depreciation

Net Book value = 72000 - 66000   = $6000

The gain/(loss) on disposal = Sales Proceeds - Net Book value

The gain/(loss) on disposal = 10000 - 6000 = $4000 Gain

The entry to record this transaction will be,

Cash                                                              $10000 Dr

Accumulated depreciation - Equipment     $66000 Dr

          Equipment                                                   $72000 Cr

          Gain on sale-Equipment                             $4000 Cr

6 0
3 years ago
When a company uses the allowance method to measure bad​ debts, ________.
Phoenix [80]
<span>When a company uses the allowance method to measure bad​ debts, </span><span>the amount of bad debts expense is estimated at the end of the accounting period. 

The allowance method is used when adjusting accounts receivable on the balance sheet. This refers to amounts that have not been collected yet, such as bad debt.
</span>
6 0
3 years ago
Which of the following is the correct statement about fixed costs? The fixed cost per unit will decrease when volume increases.
Montano1993 [528]

Answer:

The correct statement is: "The fixed cost per unit will decrease when volume increases."

Explanation:

Total fixed costs remain the same within a relevant range, but the <em>fixed cost per unit</em> decreases as production increases, because the same fixed costs are spread over more units produced.

6 0
3 years ago
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