LO-Ch5 - • Errors on Beginning Inventory 1 Understatement...

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November 3, 2009 Learning Objectives: Chapter 5: Calculation of Cost of Goods Sold The components of calculating Cost of Goods Sold The Effects of Inventory Errors (Chapter 6 – p. 294-296) Errors on Ending Inventory 1. Understatement 2. Overstatement
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Unformatted text preview: • Errors on Beginning Inventory 1. Understatement 2. Overstatement Accounting for Inventory • Perpetual Inventory System • Periodic Inventory System Ratios: 1. Gross Profit Margin 2. Profit Margin Exercise: E5-11, E5-13, P5-2A...
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