Chapter_8 - Cost of Goods Sold and Inventory Chapter 8...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Cost of Goods Sold and Inventory Chapter 8
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Inventory Merchandise inventory Inventory company purchased in a finished condition meant for resale Purchases Merchandise inventory (B/s) CoGS (I/s) Manufacturing inventory Purchasing raw material for sale to a customer Purchases Raw material Inv (B/s) Work in Process Inv (labour costs and Fixed overhead) Finished goods Inv (B/s) CoGS (I/s) Supplies inventory Goods used in daily activities Purchases Supplies Inv (B/s) Supplies expense (I/s)
Background image of page 2
Cost Flows Purchases Beginning Inventory Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Keeping Track of Inventory Perpetual inventory system (asks for the difference) Tracking every purchase and sale then updated in the inventory system for cost Merchandise higher value Periodic inventory system (final exam) Updating the records for purchases as they take place and adding quantity, but not updating record for sales
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 8

Chapter_8 - Cost of Goods Sold and Inventory Chapter 8...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online