Question

In: Accounting

create a mock company , your company must be a merchandiser. But, otherwise can be of...

create a mock company , your company must be a merchandiser. But, otherwise can be of any type or form.

Take a minute and think of a merchandiser company you’d like to open.

First, tell us what type of business you are opening. (You may use a previous example or a new one)

Which of the two types of inventory systems do you think your business would use and why? (Periodic or Perpetual)

Pretend you are making a large sale to a customer on credit. Post a description or a visual of a draft sales invoice for this customer. Make sure your sales invoice includes the following items:

Your company information

Date of sale

Your customer’s information

An example product you sell with name, description, price per unit, and number of units sold

Terms of sale including credit terms and shipping charges, with numerical figures for shipping charges

Any contract language necessary to further establish the terms of sale (for example, warranties, limitations on shipping, and returns)

5. How would you maintain controls over the inventory for your company? What measures would you take either from a physical assets standpoint or accounting principle standpoint?

Expert Solution

Merchandise Company:

A sports merchandise company.Dealing in various sports goods.

Inventory System:

Perpetual Inventory system will be implemented.This method will give a better picture of fast and slow moving items , clear information as to items going out of stock .

Sample Invoice

Control Over Inventory:

From a physical point of view following will be adopted -

Proper stacking of items in storehouse
Tagging of each item
Regular physical stock take and reconciliations
Review of fast and slow moving items
Review for obsolecence

From accounting point :

Ensuring scrapped/damaged items are not part of Inventory Value
Cost or NRV whichever is lower pricipal to be in force
Proper audit control of bill of materials from Suppliers

ekkarill92 answered 1 year ago

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