Was this the most efficient type of inventory

Assignment Help Accounting Basics
Reference no: EM133416999

Question: What is the main difference between these two types of systems? Provide a real-world example of businesses and/or locations that may use each type of inventory. Explain how you know that the inventory type you described is indeed what the business uses. Was this the most efficient type of inventory for each business?

If you owned your own small-town office supply store, which type of inventory would you use, and why? Would your choice of inventory systems change if you were a big-box (think Staples) office supply store?

If you enter all of your inventory in QuickBooks, and you make an error, then how will you fix it? Be sure to provide a detailed explanation.

Reference no: EM133416999

Questions Cloud

Why might buddhists find this description of nirvana : Why might Buddhists find this description of Nirvana be appealing and compel them to reach it? How could it appeal to non-Buddist people?
Determine by inquiry and inspection if cost clerks review : Determine by inquiry and inspection if cost clerks review dates on report of units completed for accounting in the proper period.
What type of organization in national commercial bank : What type of organization in National commercial Bank? Is it Government owned or Private? Monopoly or Oligopoly? Why is this the case?
How did the news of the french revolution make it to slaves : How did the news of the French revolution make it to slaves in Saint Domingue? What maintained the brutal slave system intact?
Was this the most efficient type of inventory : How you know that the inventory type you described is indeed what the business uses. Was this the most efficient type of inventory for each business
What other counsel would you give mossberg brothers : Would such a change be considered a change in accounting principle? If so, what are the implications of this? If not, why?
Explain the concept of resilience : Briefly explain the concept of resilience and how BCM can be used by an organization in building resilience?
What revisions would you recommend : what revisions would you recommend? If not, how do you defend your position from the accusation that Lutheran theology continues to spread antisemitism
What did jesus mean by the call to ethical behavior : What did Jesus mean by the call to Ethical Behavior and Decisions and the Apostle Paul?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Toy box inc is contemplating expanding their sales of their

toy box inc. is contemplating expanding their sales of their childrens toys. the have an opportunity to stock and sell

  What is the estimated overhead cost and the estimated

what is the estimated overhead cost and the estimated amount of allocation base for both the research amp documents and

  Estimate the value of equity per share

The firm expects to maintain a debt ratio of 40%. The Treasury bond rate stands at 7%. Estimate the value of Equity per share

  What was the under applied or over applied overhead

Actual overhead spending was $90,000. What was the under applied or over applied overhead for the month of June? Over applied is shown as a negative number

  Evaluate the following internal control procedures

Explain to your friend whether each of the numbered items below is an internal control strength or weakness

  What are some fringe benefits that receive at job

What is the definition of fringe benefits? What are some fringe benefits that you receive at your job? Can fringe benefits be industry specific?

  Compute the amount of revenue and gross profit

Compute amount of revenue and gross profit or loss to be recognized in 2022 assuming Sanderson recognizes revenue over time according percentage of completion

  What the balance in the right-of-use asset alter three years

Warren Co. recorded a right-of-use asset of $720,000 in a 8-year finance lease. What the balance in the right-of-use asset alter three years

  Compute the return on investment for the current year

Top management is unhappy with the investment center's return on investment

  What percent of her social security benefits are subject

Piper, age 69, is single, and had $50,000 in salary for the current year. She also received Social Security benefits of $10,000. What percent of her Social.

  What is the current market value of nodebt ltd

What is the current market value of Nodebt Ltd? What is the Weighted Average Cost of Capital? What is the market value of Nodebt Ltd after it issues the debt?

  What are the carrying amounts of the intangible assets

What are the carrying amounts of the intangible assets (franchise, patents and trademarks, respectively) on December 31, 2020

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!

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