KIC000077 - <, + Purchases /- Ending Inventory ~COGAFS ~...

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CHAPTER? Reporting and Interpreting Inventories and Cost of Goods Sold "* Inventory ~ - - )0 tangible property that is held for sale in the course of normal business or will be used in producing goods or services };> Merchandise inventOI)~ )- Raw materials inventcrv ~ Work-in-process inventory );:.Finished goods inventory 2 \ Inventories and COGS BS )-Merchandi~ IS - I ~ Merchandise Inventory I Cost of - "I Goods Sold. s-Manufacturer rRM\ + DL (Wf~ I Cost of I ~~~ ,,-~-I Goods Sold o _ balance sheet account Ill:';;'l!l4c:::=J • income statement account Cup. 7 Chop. 7 Chop. 7 • rOMt-Nla~enO-\- C\J\()p\\.p~ ~O MCJ.kfJ ! ',eM < . o \o-ih'
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* Cost of Goods Sold Equatio~ COGS, Beginning Inventory
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Unformatted text preview: <, + Purchases /- Ending Inventory ~COGAFS ~ Cost of Good Sold , !;;h1p.7 COGAr5-COS--\ CJ~ C\oocA.s cwa.,dQble l" or Sa I e ~ Lower of Cost or Market "t-In ventory should be shown at the lower of cost or market >May be applied to tke entire inventory or to each item separately ~ ~ Write down the inventory and increase cost of 'goods sold. Do this so that normal margins can be made when product is sold 6 Chop. 7 Ratio Analysis Inventory Turnover Ratio: ITO ~ Cost of Goods Sold Average Inventory Days to Sell ~~ ITO Aoe,2ll' Cbap.7...
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This note was uploaded on 09/01/2011 for the course ACCT 284 taught by Professor Clem during the Fall '08 term at Iowa State.

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KIC000077 - <, + Purchases /- Ending Inventory ~COGAFS ~...

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