HOTSPOT - You need to define the value of the brakes. What should you set up? To answer, select the appropriate options in the area. NOTE: Each correct selection is worth one point. Hot Area:
ChatGPT response here: [1] c. Purchase agreement: A Purchase Agreement allows you to lock in the price with VendorB for the brakes and ensure all future purchase orders reflect this agreed price. It is used to manage long-term agreements with the vendor. [2] a. Active cost: Since the standard cost method is being used, any variance between the standard cost and the purchase price is posted to the Purchase Price Variance account.
Grok response here: [1] d. Trade agreement [2] b. Inventory close
1) I would choose default purchase price or trade agreement, it's really a matter of taste. I would lean towards trade agreement.
2) When you activate a new standard cost for items priced using standard cost, the on-hand inventory revaluates itself, resulting in a ledger entry. You don't have to wait until inventory close.
No, activating a standard cost doesn’t automatically revaluate on-hand inventory without additional steps. You typically need to run a process like inventory recalculation or inventory close to adjust the value of existing stock.
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