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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.
a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inv
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Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $49,000 cash to start the business and received 4,000 shares of stock. The store completed its
80 - 20 rule - A common rule of thumb in business which says that 20% of the items produce80% of the action -- 20% of product line produces 80% of the sales, 20 percent of thecusto
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