Respuesta :
Item 1:
Debit : Merchandise $13,888.
Credit : Accounts Payable $13,888.
Item 2:
Debit : Merchandise $560.
Credit : Accounts Payable $560.
Item 3:
Debit : Accounts Receivable $17,098.
Debit : Cost of Sales $11,536.
Credit : Sales Revenue $17,098.
Credit : Merchandise $11,536.
What is meant by inventory system?
- A supply chain's full stock, supplies, and sales are tracked using an inventory system.
- Businesses use inventory systems to make sure they are fully aware of the goods they have on hand and where they are.
What is inventory system with example?
- All the goods, merchandise, and supplies that a company keeps on hand in anticipation of selling them for a profit are referred to as inventory.
- Example: Only the newspaper will be regarded as inventory if a newspaper vendor utilizes a vehicle to distribute newspapers to clients.
- The car will be considered an asset.
What is inventory system and methods?
- The procedures and software you employ to plan, order, store, and manage your inventory are known as inventory control methods.
- There are generally two types of inventory control manual and perpetual.
- You must routinely perform physical counts of inventory when using manual inventory control.
What is the purpose of inventory?
- Keeping a steady supply of goods on hand for activities is inventory's primary purpose.
- Your company should look for the sweet spot between too much and too little stock, without ever running out, in order to carry out this duty efficiently.
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