Use the chart provided below to determine the impact if a company forgets to include $3,500 of inventory that was shipped FOB shipping point on December 15,2017 but was still in transit at year end.The purchase invoice was received before year end and appropriately included in the purchases and accounts payable.
Definitions:
Periodic Review
A systematic evaluation process conducted at regular intervals to assess performance or condition over a period.
Lead Time
The amount of time that elapses between the initiation of a process and its completion, often used in the context of product manufacturing or procurement.
Standard Deviation
An indicator of the spread or distribution of a data set, revealing how much the values deviate from the average.
Lead Time
The time taken from initiating a process until its completion, often used in the context of the time between ordering a product and its delivery.
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