Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1) what type of account is merchandise inventory a

1) What type of account is Merchandise Inventory and on which financial statement is it...

70.2K

Verified Solution

Question

Accounting

1) What type of account is Merchandise Inventory and on which financial statement is it found? Does it have a debit or credit balance? Also, one of my chapters states that "LCM" is a guiding principle for presenting inventory in the financials. What does LCM mean and what is the reasoning behind it?

(2) What is the difference between the physical flow of goods and the flow of costs through a company?

(3) By having different inventory methods that result in different costs of goods sold and gross profit, arent we encouraging companies to play with the numbers?" Please discuss.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1 1 point B C O A Ifm CBA 15 92 what is the m...

Geometry
Q

Robert earned $20,000 of profit from a sole proprietorship in 2018. If he also has $118400...

Accounting
Q

Some researchers tested whether arthritis in dogs could be improved by supplementation with antioxidants and/or an...

Basic Math
Q

For the matrix A and ordered basis B find LA 8 Also find an invertible...

Basic Math
Q

Cylinder a Cylinder b Rectangular block c Rectangular block d Rectangular block e 1 cm...

Basic Math
Q

For a flash drive there is a memory capacity of 2 GB 4 GB 8...

Statistics
Q

Find the determinant of the following matrix using the co-factor expansion method.A= 1 ...

Algebra
Q

n) On December 31, 2020, x's credit manager receives a letter from a customer, Victoria,...

Accounting
Q

La Entidad A ha decidido cambiar su mtodo de depreciacin para reflejar mejor el patrn...

Accounting
Q

BestSystems manufactures an optical switch that it uses in its final product. BestSystems incurred the...

Accounting
Q

Q3. Barrel Bottom Brewing Corp. manufactures and sells beer. A substantial amount of its sales...

Accounting
Q

please solve this for me Question 1 25 26 Not answered Wanyemba (Pty) Ltd...

Accounting