The following selected transactions took place during the current year for a company:
(a) Prepare the journal entries for these transactions.
(b) If Retained Earnings had a $75,000 credit balance on January 1, calculate its year-end balance as of December 31.
Definitions:
Reorder Point
The inventory level at which an action is taken to replenish a particular stock item, ensuring that sufficient stock is available to meet demand.
Orders In-house
Refers to orders that are received, processed, and fulfilled within the company, without outsourcing to a third party.
ABC Analysis
A technique for categorizing inventory based on its importance, often into three categories (A, B, and C) to prioritize management and resources.
SKUs
Stock Keeping Units, which are unique identifiers for each distinct product and service available for sale.
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