Question

You determine that you have an increase in inventory of $5,600 at the end of the period. Which of the statements are true?

Answer 1

Inventory is tracked by the organization/inventory was received during the period

Step-by-step explanation:

having an increase in inventory by the end of the accounting year would only mean that new inventory was received during the relevant year. This can only be determined by the organization if there is an inventory management system in place to account for inventory: inventory level, inventory going out and inventory coming in such as inventory sales and orders. Inventory methods include:Economic order quantity, Minimum order quantity.

ABC analysis, Just-in-time inventory management., Safety stock inventory, FIFO and LIFO, Reorder point formula, Batch tracking. There also inventory softwares used by organizations I'm tracking inventory