514_633891554132396320_Page_49_new_material

514_633891554132396320_Page_49_new_material - Page 49 New...

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Page 49 New Material Inventory Valuation Methods: FIFO = First in,First out For companies using FIFO, they will calculate Cost of Goods Sold u still in inventory as the ones first sold or as the ones first out. For Be COGS will consist of 2 @ $40,000 each (the cost of the 2 beamers l 6 purchased). LIFO = Last in, Last out For companies using LIFO, they will calculate Cost of Goods Sold u first item sold. Therefore, if Beamer opted to use LIFO, the cost of g Rent: incurred for the period, which will not necessarily be equal to the amount the company paid. For and they occupied the facility for 12 months and we are doing an income statement for a year, w credit cash for the actual amount of checks written for rent. We will then check our beginning ba "Rent Payable" balance at the end of the prior accounting period. If there was, we will clear that debit if it is a "Rent Payable" in our rent journal entry. If our journal entry does not balance at thi whether we need a debit or a credit to balance. If we need a debit to balance this entry, we will and will go on the balance sheet after inventory. If we need a credit to balance, we will credit "R balance sheet.
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