Accounting exam 3 chapter 5&6 - Chapter 5 6 accounting...

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Chapter 5 & 6 accounting exam 3 review: What’s gross profit? Net sales - cost of goods sold What is revenue acct for merchandising company? Sales or Sales revenue Perpetual vs periodic? Periodic- calc for COGS is done at end of period, perpetual COGS is accounted for every time we have a sale and acct for inventory every time we buy inventory (day to day) When is inventory a part of COGS? When you have a sale What are contra-revenue accounts? Sales return and allowances and Sales discounts (normal balance of a debit Calculate Cost of goods purchased? Net purchases + freight in FOB destination- seller Physical inventory- when is it taken? At the end of the year
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