Explain the meaning of inventory and explain what characteristics an asset is categorized into inventory. 2. Explain the impact on the financial statements if the company records inventory incorrectly. 3. Give an opinion regarding this statement "The MSME financial report is a checking account or savings account for the business owner". 4. In bank reconciliation there are several terms below that we find, explain what is meant by: a. NSF b. Outstanding check c. Deposits in transit

5. CASE This information is available to UDABIK for 2016 and 2017.

2016 2017

Beginning inventory $ 200,000 $ 300,000

Ending inventory 300,000 380,000

Cost of goods sold 1,200,000 1,368,000

Sales 1,600,000 1,900,000

Requested: Calculate the inventory turnover, days in inventory, and gross profit rate for UDABIK for 2016 and 2017 and give your opinion on the trend or the results of the ratio analysis.

Answer rating: 100% (QA)

Answer 1 Meaning of Inventory and Characteristics of an Asset Categorized as Inventory Inventory refers to the goods or materials that a business holds for the purpose of resale or use in the producti... View the full answer