retail inventory

retail inventory - 1 RETAIL INVENTORIES 2009-09-30 Retail...

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Unformatted text preview: 1 RETAIL INVENTORIES 2009-09-30 Retail Inventories Topic Slides 2 Retail Inventories c Retail inventory cases can get complicated quickly due to the number of different items you are responsible for keeping track of (credit terms, tax rate, shipping charges, etc.). c An excellent way to approach retail inventory cases and keep track of all the important items at the same time is through the use of a checklist. 2 2009-09-30 Retail Inventories Topic Slides 3 Retail Inventories c A checklist is not a mandatory step in preparing a retail inventory case but it helps you organize your information in a clear way. c See the next page for a sample of a checklist. In each cell, you can keep track of which order requires calculations through the use of checkmarks. 2009-09-30 Retail Inventories Topic Slides 4 Sample Retail Inventory Checklist 3 2009-09-30 Retail Inventories Topic Slides 5 Suggested Approach for Inventory Cases 1. Read the case carefully. Highlight important items such as FOB terms, credit terms, taxes, duties, etc. 2. Go to case exhibits. Understand what is contained in them. 3. Handle each purchase individually and in sequence of when ownership took place. s Break out all of the relevant costs individually. s Keep track of the net units per purchase in its own T-account. s Calculate the unit cost of the purchase....
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retail inventory - 1 RETAIL INVENTORIES 2009-09-30 Retail...

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