Session 10 - Projection

Session 10 - Projection - AC 611: Financial Accounting...

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Fall 2010 Professor Keating Session #10 AC 611: Financial Accounting Problems I
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© Elizabeth K. Keating, 2010 Session #10 Pg. 2 Gross Margin and Inventory Analysis AC 611: Financial Accounting Problems I
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© Elizabeth K. Keating, 2010 Session #10 Pg. 3 Gross Margin Analysis AC 611: Financial Accounting Problems I
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© Elizabeth K. Keating, 2010 Session #10 Pg. 4 Understanding COGS AC 611: Financial Accounting Problems I
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© Elizabeth K. Keating, 2010 Session #10 Pg. 5 Inventory Journal Entries AC 611: Financial Accounting Problems I
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© Elizabeth K. Keating, 2010 Session #10 Pg. 6 Inventory Accounting (cont.) AC 611: Financial Accounting Problems I
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© Elizabeth K. Keating, 2010 Session #10 Whose Inventory Is it? Pg. 7 AC 611: Financial Accounting Problems I
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Session #10 Pg. 8 What’s In Inventory? AC 611: Financial Accounting Problems I All costs required to obtain physical possession of the inventory and to make it saleable, including: Purchase cost Sales taxes and transportation paid by the buyer Insurance costs Storage costs Production costs (labor and overhead) for a manufacturer In theory, inventory costs should also include the (indirect ) costs of the purchasing department and other general and administrative costs associated with the acquisition and distribution of inventory. However, most firms exclude these items and
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This note was uploaded on 03/02/2011 for the course AC 611 taught by Professor Keating during the Spring '11 term at Bentley.

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Session 10 - Projection - AC 611: Financial Accounting...

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