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ACC311
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Inventory for Merchandisers
Merchandise Inventory
Inventory for Manufacturers
RM, WIP, FG
Periodic Inventory
Purchases
Accounts Payable
Cash
Sales Revenue
Perpetual Inventory
Inventory
Accounts Payable
Cash
Sales Rev
COGS
Merchandise Inventory
Understating inventory
Understates Income
FOB
Freight on board
FOB Shipping Point
Title of goods passees when goods are shipped
FOB Destination
title of goods passes when received
Consignment
The supplier of the goods places goods in the retailer’s place of business but the title remains with the supplier
Consignor
supplier; includes inventory
Consignee
Possess goods; not include inventory
Net Purchases
Purchases
+Freight in, import fees, costs to prep for sale
-Purchase returns and allowances, discounts,
Annual Return Calculation
dicount/1-discount * 365/days early
Gross vs. Net
Net but gross more popular
Financial Reporting
FIFO better
Taxes
LIFO Better
LIFO Reserve Elements
Inventory at FIFO + Allowance to Reduce Inventory to LIFO - Inventory at LIFO for Financial Reporting
Periodic LIFO
Ignore dates!!!
Periodic Returns
Credit Purchase Returns not Purchases
Perpetual Returns
Credit Inventory