All about Inventory Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200 $300300$300300$300300 $400400$400400$400400 $500500 W. Avg.

Slides:

Advertisements

Similar presentations

Revenues & Expenses Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ Dr/Cr.

Advertisements

What is Inventory? Asset items held for sale in the ordinary course of business, or Goods that will be used or consumed in the production of goods or services.

Chapter 9 Accounting for Inventories. Inventory Retailers: finished goods held for sale; balances can be large (77% of current asset & 25% of total assets.

Reporting & Interpreting Cost of Goods Sold & Inventory Libby, Libby & Short.

1 CHAPTER 7 Cost of Goods Sold & Inventory. 2 Key Terms Inventory (beginning, ending) Cost of goods sold (COGS) Inventory cost flow assumptions Lower.

Chapter 6 Inventories ( ) Instructor: Chih-Liang Julian Liu Department of Industrial and Business Management Chang Gung University.

Reporting and Interpreting Cost of Goods Sold and Inventory Chapter 7 McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc.

Chapter McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Cost of Sales and Inventory 6.

Inventory May 2010©Kimberly Lyons 1. Goods purchased or produced for resale Merchandiser (retailer) purchases for resale Manufacturer produces for resale.

All about Inventory Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ W. Avg.

Linear Expressions Jeopardy! Version 2.0 Rules – Everyone not at the board needs to work the problems out on their own – You must show your work – Team.

Inventories and Cost of Goods Sold

Allow. for Doubtful Accounts Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $

Bank Reconciliation Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ Sales.

Profitability Ratios Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ Solvency.

Recording Liabilities Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ Bond.

Valuation and Reporting of Receivables and Inventory Chapter 6.

Chapter 6 Inventories and Cost of Goods Sold. Gross Profit and Cost of Goods Sold An initial step in assessing profitability is gross profit (profit margin.

BUS 2101 Decision Making Financial Information Financial Statement Analysis Financial Statements GAAP Income Statement Statement of Cash Flow Balance Sheet.

Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 8 Reporting and Interpreting Inventories and Cost of.

Reporting and Interpreting Cost of Goods Sold and Inventory

Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 7 Reporting and Interpreting Inventories and Cost of.

Inventory Cost Flow Assumptions  During March, Jeremy’s Friendly Market showed the following results:  Beginning inventory of Big Q Beans was 400 cans.

PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA CHAPTER.

McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

INVENTORY AND COST OF GOODS SOLD Chapter Six. Types of Inventory  MERCHANDISING  Wholesalers Buy from manufacturers sell to retailer  Retailers Buy.

©The McGraw-Hill Companies, Inc. 2006McGraw-Hill/Irwin Chapter Six Accounting for Merchandising Businesses— Advanced Topics.

Chapter Five Accounting for Inventories McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.

PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA CHAPTER.

Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Reporting and Interpreting Cost of Goods Sold and Inventory Chapter 7.

Inventory and Cost of Goods Sold

©CourseCollege.com 1 14 Inventory Inventory held for sale by retailers, manufacturers and wholesalers. Learning Objectives 1.Identify all costs and apply.

Copyright 2003 Prentice Hall Publishing1 Acquisitions/Payment: Inventory and Liabilities Chapter 6.

©The McGraw-Hill Companies, Inc. 2006McGraw-Hill/Irwin Chapter Five Accounting for Inventories McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies,

CHAPTER 6 INVENTORIES After studying this chapter, you should be able to: 1Describe steps in determining inventory quantities 2Explain the basis of accounting.

PRINCIPLES OF FINANCIAL ACCOUNTING

Reporting and Interpreting Cost of Goods Sold and Inventory Chapter 7 McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc.

Reporting and Interpreting Cost of Goods Sold and Inventory Chapter 7 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.

COPYRIGHT © 2008 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license.

Inventory Costing using FIFO, LIFO and AVERAGE Costing Methods 5-1 Calculate the following: CGS, Gross Profit and Ending Inventory under FIFO, LIFO and.

PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA Copyright.

1 Chapter 6,Part 2: Inventory Capitalization of Inventor Primary accounts: Inventory and Cost of Goods Sold (COGS). Capitalize: add to an asset (inventory)

ACG 2021 Chapter 6 – Inventory Summary. Formula - 1 Beginning Inventory + Purchases Goods Available for Sale - Ending.

COPYRIGHT © 2008 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license.

Describe the issues in managing different types of inventory. 7-1.

Spiceland | Thomas | Herrmann Financial Accounting Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without.

Chapter 5 Accounting for Inventories: (OMIT pgs & page 282) McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

Inventory Costs What costs are in the inventory account? –all costs incurred to acquire goods and prepare them for sale. How is inventory valued on the.

ACTG 2110 Chapter 7 –Inventories. Control of Inventories Controls –Physically safeguard the inventory –Financially – make sure all of the inventories.

© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin Chapter Six Accounting for Inventories.

INVENTORY TANGIBLE ITEMS HELD FOR RESALE IN THE ORDINARY COURSE OF BUSINESS PRESENTED ON THE BALANCE SHEET UNDER CURRENT ASSETS AT THE LOWER OF COST OF.

©2008 Pearson Prentice Hall. All rights reserved. 6-1 Accounting for Inventory Chapter 6.

Chapter 7 Reporting and Interpreting Cost of Goods Sold and Inventory.

Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 7 Reporting and Interpreting Inventories and Cost of.

Chapter Five Accounting for Inventories Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.

Inventories & COGS. Inventory Definition: Inventory is defined as goods held for sale in the normal course of business or items used in the manufacture.

Spiceland | Thomas | Herrmann Financial Accounting Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without.

Chapter 7 Reporting and Interpreting Inventories and Cost of Goods Sold 1© McGraw-Hill Ryerson. All rights reserved.

Inventory and Cost of Goods Sold

Profitability Ratios Liquidity Ratios Solvency Ratios Other Terms

Inventories and the Cost of Goods Sold

Financial Accounting Chapter 7. Cost of Goods Sold and Inventory

Topics for Today: discuss inventory reporting

INVENTORIES AND THE COST OF GOODS SOLD

Reporting and Interpreting Cost of Goods Sold and Inventory

Inventories and Cost of Goods Sold

Inventory of Wholesalers and Retailers

Chapter 6: INVENTORY COSTING

Chapter 5 Inventory Chapter 5.

Inventory: Measurement

Presentation transcript:

All about Inventory Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ W. Avg & Specific ID $ $ $ $ $ LIFO & FIFO $ $ $ $ $500500$500500$500500

All About Inventory - $100 Property held for sale in the normal course of business, or to be combined with other items to produce goods for sale. What is Inventory? Back to Board

All About Inventory - $200 Beginning inventory plus purchases for the period. What is Goods Available for Sale? Back to Board

All About Inventory - $300 Number of units sold times the unit cost of the items sold. What is Cost of Goods Sold (COGS or CGS)? Back to Board

All About Inventory - $400 The Cost of Goods Sold equation. What is Beginning Inventory + Purchases – Ending Inventory = COGS? Back to Board

All About Inventory - $500 Goods in the process of being manufactured but that are not yet complete. What is Work in Process Inventory? Back to Board

LIFO & FIFO - $100 The method of inventory costing in which the costs of the first goods purchased are assigned to the first goods sold. What is FIFO (first-in, first-out)? Back to Board

LIFO & FIFO - $200 The method of inventory costing in which the costs of the last goods purchased are assigned to the first goods sold. What is LIFO (last-in, first-out)? Back to Board

LIFO & FIFO - $300 Buy items at $1, $2, and $3 in that order; ____ is the cost assigned to the first item sold under LIFO. What is $3? Back to Board

LIFO & FIFO - $400 Back to Board Buy items at $1, $2, and $3 in that order; __&__ are the costs assigned to the first two items sold under FIFO. What are $1 and $2?

LIFO & FIFO - $500 Assigns the oldest unit costs to CoGS and the newest unit costs to Inventory. What is FIFO? Back to Board

W. Avg & Specific ID - $100 Uses the weighted average unit cost of the goods available for sale for both CoGS and Ending Inventory. What is Weighted Average Cost? Back to Board

W. Avg & Specific ID - $200 $ Cost of goods available for sale # of units available for sale What is the Weighted Average Cost of goods available for sale? Back to Board

W. Avg & Specific ID - $300 DAILY DOUBLEDAILY DOUBLE!!!

W. Avg & Specific ID - $400 Costing method that identifies the cost of the specific item that is sold. What is Specific Identification? Back to Board

W. Avg & Specific ID - $500 The Weighted Average CoGS amount when 2 items are purchased at $0.50 ea. and 3 at $3 ea.; and 4 are sold. (Try it without a calculator.) What is $8? ($10/5 items = $2/item) Back to Board

Other Terms - $100 The initial stage of inventory, as used by manufacturers. What is Raw Materials? Back to Board

Other Terms - $200 CoGS divided by average inventory. What is Inventory Turnover Ratio? Back to Board

Other Terms - $300 Valuation rule that requires the inventory account to be reduced when the value of inventory falls below its cost. What is Lower of Cost or Market (LCM)? Back to Board

Other Terms - $ /Inventory Turnover Ratio. What is Days to Sell? Back to Board

Other Terms - $500 If costs per unit are increasing a company using FIFO will face _____(higher or lower) income tax expense. What is higher? Back to Board

Review Potpourri - $100 Back to Board The account into which the cost of transportation is recorded when a perpetual inventory system is used. What is Inventory?

Review Potpourri - $200 Back to Board The accounts affected by a Sales Return. What are Sales Returns and Allowances, Cash (or A/R), Inventory, and Cost of Goods Sold?

Review Potpourri - $300 Back to Board This expression describes reductions in the cost of inventory purchases associated with unsatisfactory goods. What are Purchase Returns and Allowances?

Review Potpourri - $400 Back to Board The internal control principle that relates to preparing a bank reconciliation. What is independent verification?

Review Potpourri - $500 Back to Board The internal control principle that encourages companies to create a record of each transaction. What is document procedures?

Daily Double Specify Your Wager!

W. Avg & Specific ID --- The two categories into which inventory costing methods split the total dollar amount of goods available for sale. Back to Board What are CoGS and Ending Inventory?