LEARNING ACTIVITY 1.2 Questions 1. Complete the following statements with one of the terms listed below. A term may be used once, more than once, or not at all. • Unfinished goods • Service organisations Finished goods inventory Manufacturing organisations • Merchandising companies (a) All --- typically have a single category of inventory. (b) -- do not have tangible products purchased for resale. (c) ------------ resell ready-made products. (d) The inventory of a manufacturer includes raw material, and ----------. (e) ------ use their plant, machinery and labour to convert raw material into finished goods.

LEARNING ACTIVITY 1.2 Questions 1. Complete the following statements with one of the terms listed below. A term may be used once, more than once, or not at all. • Unfinished goods • Service organisations Finished goods inventory Manufacturing organisations • Merchandising companies (a) All --- typically have a single category of inventory. (b) -- do not have tangible products purchased for resale. (c) ------------ resell ready-made products. (d) The inventory of a manufacturer includes raw material, and ----------. (e) ------ use their plant, machinery and labour to convert raw material into finished goods.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterC: Inventory Methods

Section: Chapter Questions

Problem 2P: Use the information presented in Problem C-1 to solve this problem. Bean Nursery sells bark to its...

See similar textbooks

Similar questions

Please Complete the following statements with one of the terms listedbelow. A term may be used once, more than once, or not at all.• Finished goods inventory• Manufacturing organizations• Merchandising companies• Unfinished goods• Service organizations(a) All -------------- typically have a single category of inventory.(b) -------------- do not have tangible products purchased for resale.(c) -------------- resell ready-made products.(d) The inventory of a manufacturer includes raw material, ---------and ----------.(e) -------------- use their plant, machinery, and labor to convert rawmaterial into finished goods.
Required information [The following information applies to the questions displayed below.] The following narrative describes the purchase and payment process for The Tablet Store. Use the narrative to answer the questions below. The Tablet Store recently opened to sell iPads and other tablet computing devices. It purchases its tablets directly from the manufacturers (e.g., Apple, Samsung, and Dell). To order tablets, a Tablet Store employee submits a purchase order to the manufacturer electronically. Each purchase order could stipulate several different models of tablets from one manufacturer. The manufacturers typically deliver the tablets to the store within two weeks after they receive the purchase order. The Tablet Store pays for each shipment within 30 days after receipt. If there are multiple orders to the same manufacturer, the Tablet Store occasionally combines payments, issuing one check for multiple receipts. All of the Tablet Store checks are drawn on one bank account. Draw…
Complete the following statements with one of the terms listed below. A term may be used once, more than once, or not at all. Finished goods inventory • Unfinished goods Manufacturing organizations • Service organizations Merchandising companies (a) All -------------- typically have a single category of inventory. (b) -------------- do not have tangible products purchased for resale. (c) -------------- resell ready-made products. (d) The inventory of a manufacturer includes raw material, --------- and ----------. (e) -------------- use their plant, machinery and labor to convert raw material into finished goods. Distinguish among service, merchandising and manufacturing companies. What are the Inventoriable costs of a merchandising business? Explain the term “period costs”.
A ezto.mheducation.com Logout Question 6 - Chapter 06: HmWrk (Part 01) - Connect Answered: [The following information applies to.. | bartleby Chapter 06: HmWrk (Part 01) i Save & Exit Saved Help Submit Check my work Required information Part 1 of 3 [The following information applies to the questions displayed below.] A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. 1.25 points Inventory Quantity Unit Cost Unit NRV $ 86 $101 305 Furniture 210 Electronics 51 410 еВook Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. Hint Cost of ending inventory (before adjustment) $ 2,205 Print References Mc Graw Hill
A ezto.mheducation.com Logout Question 7 - Chapter 06: HmWrk (Part 01) - Connect Answered: [The following information applies to.. | bartleby Chapter 06: HmWrk (Part 01) i Save & Exit Saved Help Submit Check my work 7 Required information Part 2 of 3 [The following information applies to the questions displayed below.] A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. 1.25 points Inventory Quantity Unit Cost Unit NRV Furniture $ 86 $101 305 210 Electronics 51 410 eBook 2. Calculate ending inventory using the lower of cost and net realizable value. Hint Lower of Cost Ending Inventory Inventory Quantity and NRV per unit Print Furniture Electronics References Mc Graw Hill
Answer the following question1. Which accounts are used in a merchandising business but not in a service firm? Briefly define each.2. What are the two systems of maintaining inventory? Briefly define each.
Which type of inventory might a service provider report? Select one: O O O O a. raw materials b. work-in-process c. finished goods d. two or more of a, b, and c. e. a service provider never reports inventory Check
Please answer with reason for all why the option is correct and why the other options are incorrectPlease answer correct otherwise skip it When preparing the worksheet for a merchandising business using the perpetual inventory system,which of the following is not a new merchandising account that is shown on the worksheet?A) Accumulated Depreciation — BuildingB) Sales Returns and AllowancesC) Cost of Goods SoldD) Merchandise Inventory
Question 12 If a client doesn't want to track the quantity on hand of the products they the sell, what Product/Service type should they select when setting up items in QuickBooks Online? MAJ Sales Bundle Inventory Service Non - inventory
SLO-5.1. for a merchandising business is determined by subtracting the Cost of Goods Sold from the Sale Income account. OOperating Income ONet Income OGross Profit OMerchandise Available for Sale
Journal entries for recording revenue and costs for service provider. For a traditional inventory-carrying companies, recording journal entries for revenue and costs is something like the following: Dr. Cash $100 Cr. Revenue $100 Dr. Cost of goods sold $50 Cr. Inventory $50 How does the journal entry work for service companies such as SaaS firms that do not carry inventory?
Use the information presented in Problem C-1 to solve this problem. Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows: Required Find the cost of the ending inventory by the first-in, first-out method. Check Figure Cost of ending inventory, $562