Problem: Write an article based on this summary: Find out the average cost of purchased inventory. Find out the average cost of the goods you produced. Take a physical inventory count. Calculate COGS using the average cost.

Answer: Average cost is not only an acceptable reporting method but also can be a helpful way to think about the products in your inventory over a longer scale of time. Add all inventory purchase prices for a single product type together and divide by the number of products purchased to get the average cost. For example, $1.00 + $1.50/2 = $1.25 average cost. If instead your company purchases raw materials and then produces its own inventory, this process will require some subjective judgement. Set aside a time period and a number of inventory units produced. Add the total cost (often estimated) of both the materials and the labor specifically used to make the product. Now divide by the total inventory units produced in that time.  Always be certain you are abiding by the appropriate laws and regulations governing your company's accounting practices as there are regulations governing how to compute inventory cost of produced goods. This cost will certainly vary by product but may vary with the same product over time. Note the amount of inventory on hand at the start date and again at the end date. Multiply the average cost by the difference between your beginning and ending inventory. The total spent on widgets is $1.25 x 20 widgets = $25. With 15 widgets sold, the total COGS under this method is $18.75 (15 x $1.25).  Companies use the average cost method when their products are easily substituted or physically indistinguishable from each other, such as commodities like minerals, oil and gas.  Most companies that use the Average Cost Reporting Method compute the average cost of goods on a quarterly basis.


Problem: Write an article based on this summary: Develop a payment policy. List the due date on every bill you send. Send reminder bills. Keep a contact with each company or customer. Create a procedure for dealing with debts.

Answer: Before you provide any services or goods, contract with your customer so they understand what they are responsible for paying and when. Make sure all document language is clear. Discuss the account with the customer so you can be sure they are familiar with any charged amounts and due dates. Payment terms need to be agreed on by both parties.  Consider adopting a late payment fee to encourage on-time payments. You may choose to charge a percentage of the total bill when payments become delinquent—2% is typical. Make sure all late fee policies are included in your contract or payment policy. You may prefer to ask for at least 50% of payment upfront. This ensures you at least receive something in exchange for your time and efforts. Do research about collecting interest. Federal and state laws regulate the collection of interest on debts. Always make sure that any interest you charge is lawful and included in your payment policy to avoid debt forfeiture or a fine. You can check usa.gov for your state's usury laws. You can also check your state's attorney general website for information on legal interest rates and legal practices in your state. Some invoices state, "payment due upon receipt." You may also use "net 15 days," "net 30 days" or any other period of time in which you expect someone to remit payment.  Placing a due date on a bill encourages your customer to include it in a current or upcoming billing cycle. If you do not place a due date on the bill, the business or individual may wait a month or two before paying, especially if bills are tight. Don't wait 30 days from the date of service or delivery of the product to send out a bill. Bill every 15 to 30 days. The sooner you send out the bill, the more likely you will get paid sooner. When a payment becomes past due, immediately send a reminder noting the amount owed as well as the fact that payment is now past due. Many customers are so busy that they simply forget a bill hasn’t been paid. They will often pay it as soon as they realize payment is past due. Keep a record of all contact with the debtor. You will need the dates and times of your calls, letters and any other communication about the late payment, in case of legal action. You may also need to address this information when you contact the debtor. Make sure you have relevant contact information, such as address, telephone number and extension number, if available.It is also good to check in with your business contacts regularly. Engaged business relationships promote a mutual desire to fulfill transactions.  Address each bill directly to the person who makes financial decisions in a business or the person responsible for the account. If you don’t have a contact for a business transaction, you can usually call the front desk and be connected to Accounts Payable. You will need to decide what happens when payments are late. Generally, you first send out a reminder, then call the customer or business that is late with a payment, follow up, try to negotiate and then take it to collections or pursue legal action if the debt remains unpaid. Everyone in your company should understand the process so they know where to direct those who owe debts when they reach out to you.


Problem: Write an article based on this summary: Go to the Gmail website. Select the inbox options tree. Click More. Click All Mail. Look for archived mail.

Answer:
It's located at https://www.mail.google.com/. If you're already logged into Gmail, doing so opens your inbox. If you aren't logged into Gmail, click SIGN IN in the top-right corner of the page and enter your email address and password. This is the column of options, starting with Inbox, that's on the left side of the page. Doing so will expand the tree to show additional options. It's near the bottom of the tree. This option will be near the bottom of the More menu. Doing so takes you to the All Mail folder. The All Mail folder contains all emails that are in your inbox, as well as every email you've ever archived.  Any email that doesn't have the "Inbox" tag on the far-left side of the email's subject line is archived email. If you know a specific archived email's sender, subject line, or a keyword from the body, you can type this information into the search bar at the top of the Gmail page.