Inventory Management Questions
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From any store you have ever been to answer the following questions:
1) What is the physical flow of merchandise into the store, and what documents are used in connection with this flow?
2) What documents are prepared when merchandise is sold?
3) Does the store keep perpetual inventory records? If so, does it keep the records in units only, or does it keep track of cost as well? If not, what system does the store use?
4) How often does the company take a physical inventory?
5) How are financial statements generated for the store?
6) What method does the company use to cost its inventory for financial statements?
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At Toyota Auto dealer, transactions would be as follows: -
? What is the physical flow of merchandise into the store, and what documents are used in connection with this flow?
The physical flow of merchandise into the store is the physical movement of cars from the suppliers. There will be the quotation, purchase order, and invoice used in connection with this flow whereby the store will request for quotation from the suppliers. If the price is accepted, the car dealer will issue purchase order to purchase the products. The suppliers will send the invoice to the car dealer after the delivery is completed.
? What documents are prepared when merchandise is sold?
The document to be prepared when the merchandise is sold is the tax ...
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