User Account

All Pages

Explain why think is the best suited for the business

Assignment Help Accounting Basics
Reference no: EM132690292

You have been hired as an account for the OPQ Distribution Company. The company sells medical supply products to hospitals and doctor offices used for a resale or merchandising operation. The types of medical products sold are gloves, thermometers, and wheelchairs. OPQ Distribution Company has hired you because there have been financial issues with accounting for the inventory and expensing the inventory. The company wants you to resolve the inventory problems by selecting the best inventory valuation method to ensure that the company can operate successfully and meet their customers´ needs.

Question 1: Propose the inventory valuation method you would advise the company to use.

Question 2: Explain why you think it is the best suited for the business.

Question 3: Explain the cost of goods sold, ending inventory, and how the inventory valuation method you have chosen may impact these two factors.

Reference no: EM132690292

Questions Cloud

Compare the cost minimization and the profit maximization : Compare the cost minimization and the profit maximization approaches to the derivation of the transactions demand for money.
Is the iasb justified in focusing purely of financiers : Acknowledged a wider range for users of financial reports. is the IASB justified in focusing purely on the needs of financiers for financial information?
Compute the labor rate and efficiency variances for month : Compute the labor rate and efficiency variances for the month. Compute the materials price and quantity variances for the month.
What the cumulative effect of this accounting change : Straight-line method of depreciation for this equipment. Assuming a 30% tax rate, the cumulative effect of this accounting change, net of tax, is
Explain why think is the best suited for the business : How do Explain the cost of goods sold, ending inventory, and how the inventory valuation method you have chosen may impact these two factors.
Calculate the net profit for the business : White received progress payments of $78,000 for the year ended, while his expenses totalled $82,000. Calculate the net profit for the business
Which of procedures would be classified as closing procedure : Which of procedures would be classified as closing procedure? Adjusting the prepaid insurance account for insurance coverage used
How would each of preceding items reported on statement : How would each of the preceding items be reported on the statement of financial position? Consider the Service-type warranties on appliance sales
Which an example of a change in accounting principle : Which An example of a change in accounting principle that should be handled currently is a change from the? LIFO method to FIFO method for inventory valuation

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd