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Q. Explain about Merchandise inventory?
Merchandise inventory is the quantity of goods assumed by a merchandising company for resale to customers. Merchandising companies verify the quantity of inventory items by a physical count. The merchandise inventory figure utilized by accountants depends on the quantity of inventory items and the cost of the items. This section discusses four accepted techniques of costing the items (a) specific identification (b) first-in, first-out (FIFO) (c) last-in, first-out (LIFO) and (d) weightedaverage. Every method has advantages as well as disadvantages. This section stresses the significance of having accurate inventory figures and the serious consequences of using inaccurate inventory figures. When you finish this section you must understand how taking inventory connects with the cost of goods sold figure on the store's income statement the retained earnings amount on the statement of retained earnings plus both the inventory figure and the retained earnings amount on the store's balance sheet.
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Q. Describe about chain discount? Occasionally the list price of a product is subject to several trade discounts this series of discounts is a chain discount. Chain discounts s
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The Institute of Management Accountants previously the National Association of Accountants is an organization with approximately 70,000 members consisting of management accountants
Honesty AL, CPA, is compiling financial statement of significant accounting policies, Honesty AL discovers that the method used to value inventory in the past was stated as "invent
Q. Advantages and disadvantages inventory procedure? Advantages as well as disadvantages of specific identification Companies that utilize the specific identification method of
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