Controls for safeguarding inventory should incorporate security meansures to protect against damage and also customer or employee theft
-Storing inventory in locations that are restricted to just authorized employees.-Locking high-priced inventory in cabinets.-Using two-way mirrors, cameras, defense tags, and also guards.

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count the inventory should be taken near year-end come make sure that the amount of inventory report in the jae won statements is accurate.
What room the 3 inventory price flow assumptions and also how do they affect the income statement and also balance sheet
1. FIFO (first-in, first-out) -cost circulation in the stimulate in which the prices were incurred2. LIFO (last-in, last-out) -cost flow is in the reverse order in i beg your pardon the expenses were incurred 3. Weight Average cost -Cost circulation is an average of costs
-first in very first out-the first units purchased room assumed to it is in sold first and the finishing inventory is comprised of the most recent purchases.
-last-in, first out-the last systems purchased room assumed to be sold an initial and the ending inventory is consisted of of the very first units purchased.

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This unit cost is then offered to determine the price of each sale until another purchase is made and also a new average is computed.
Using FIFO, the more quickly batch to buy is considered the first batch of merchandise sold. The physical flow does not have actually to complement the accounting method chosen
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Fundamental Financial accountancy Concepts10th EditionDanita Kelley, Gaile Moe, Gordon M Wardlaw, Jacqueline Berning
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