Methods used to record inventory.
Methods used to record inventory. Use the Internet to research the annual report of at least three (3) merchandising companies. Determine the costing method (LIFO, FIFO, and weighted average) that is used to record inventory. Using the internet search above, identify the primary benefits in using the costing method (LIFO, FIFO, and weighted average) that is used to record inventory. Explain at least three (3) reasons that would lead each of your chosen companies to switch to a different costing method. ? Identify at least three (3) risks and three (3) benefits of using the perpetual inventory management system. Discuss the main types of inventory errors that could occur using the perpetual inventory system, and the major impact to the balance sheet and income statement. Provide specific examples ? ? ? ? ? ? ? ? Answer Preview.. There are two basic methods that are used to account for inventory. These are periodic and perpetual. On a periodic inventory, the updates are made on a periodic basis. On a perpetual inventory, updates are made when the managements thinks it is fit to do so. The records on a periodic inventory may not necessarily be up to date because there is no effort made by the management to keep the records up to date. The updating of periodic inventories is done occasionally from time to time. The availability and quantity of information on a perpetual inventory is updated on a continuous basis. This is usually. APA 348 Words Related Questions: List and describe at least two similarities between transshipment and inventory pooling strategies Maintaining inventory on shelves and in warehouses can be quite costly. How would you determine the amount of inventory write a research proposal developed from the Topic Inventory you constructed and the Controlling Idea Assignment (an Enthymeme) ABC classification system Manufacturing operations Automobile inventory
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