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Accounting 4356

Accounting

QuestionAnswer
The costs of holding inventory (insurance and warehousing) are called... Holding costs
The costs of not having enough inventory on hand to meet customer demand are called... stockout costs
The decision to build up inventory to support sales involves analyzing the trade-off between... holding costs and stockout costs
Cost accounting texts provide... Quantitative models to compute the best quantity to order at a given time.
An inventory system where smaller quantities of inventory lower holding costs, while arrangements with suppliers for prompt delivery minimize stockout costs. Just-in-time inventory system
Accounts Receivable and Accounts Receivable Assigned are recorded at... net realizable value
Accounts Payable and Notes Payable are recorded at... net realizable value
Inventories and Notes Receivable are recorded at... LCM
Cost of Goods Sold on the Income Statement-- When you record a loss from a writedown to LCM, your Cost of Goods Sold (increases/decreases) increases
Purchase Discounts Lost = interest expense
Sales Discounts Not Taken = interest revenue
A/R, Bad Debt Expense is related to... Exp/Losses related to Assigning or Factoring (selling)
What section of the Stmt of Cash Flows records NI +/- adjustments? Operating Activities
Held for sale inventories defined as Mdse Inv. or Finished Goods inventory
In process of production for sale inventories defined as Work-in Progress Inv.
Held for use in production of goods/services to be made available for sale defined as Raw Materials Inv.
Which items are included in inventory? All items over which the company has economic control.
Consignment goods (do/do not) belong to the company: do NOT
Which costs are attached to each unit available for sale? all costs necessary to acquire and bring to location (contract price, shipping and handling, normal spoilage)
Discounts offered on (?) and Interest paid is recorded on (?) A/P N/P
Which method is used when recording inventories? Net method. Record inventory NET of discount.
Created by: Chelsealj
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