Describe What Needs to Be Done to Prepare Data for Analysis

question 2

Essay

Describe what needs to be done to prepare data for analysis. Why are these steps necessary?

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Definitions:

Merchandise

Goods or products that are bought, sold, or traded in the retail environment.

Merchandise Inventory

Goods available for sale to customers, held by a business; categorized as a current asset on the balance sheet.

Purchase Discounts

Reductions in the amount owed by a buyer to a seller for goods purchased, typically gained by paying early or within a specified period.

Freight Costs

Expenses incurred by a company to transport goods, included in the cost of goods sold or recorded as an expense depending on the terms of delivery.