Page 95 - Demo

جميع الحقوق محفوظة ـ اإلعتداء عىل حق املؤلف 95 بالنسخ أو الطباعة يعرض فاعله للمسائلة القانونيةclasses of transactions Inventory and warehouse cycles5. There are several acceptable inventory valuation methods and some organizations may prefer to use different valuation methods for different parts of the inventory, which is acceptable under accounting standards (FIFOW.A) 6. It is connected to different other cycles: The audit of the inventory and warehousing cycle can be divided into five activities within the cycle:  Acquire and record raw materials, labor, and overhead  Internally transfer assets and costs  Ship goods and record revenue and costs  Physically observe inventory  Price and compile inventory The inventory and warehousing cycle can be thought of as comprising two separate but closely related systems, one involving the physical flow of goods and the other the related costs. Six functions make up the inventory and warehousing cycle.