Feb 17 - weighted average method: calculate cost of goods...

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TA Notes -- February 17, 2011 Chapter 5 when a company buys something to sell its either inventory and in a wharehouse or called Cost of goods sold and sold ( this includes cost of goods stolen) income and inventory go in the same direction specific identification method: identify the units sold and then multiply each unit by cost
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Unformatted text preview: weighted average method: calculate cost of goods available for sale divide cost of goods available for sale by number of units; this is average cost. multiply number of units by average cost FIFO: first in first out items that come in first are the ones sold first goods always move by fifo or specific identification...
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This note was uploaded on 04/14/2011 for the course ACCT 2101 taught by Professor Christianwurst during the Spring '08 term at Temple.

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