1. LESSON 6-1 The Nature of Merchandise Inventory
6/17/2018
LESSON 6-1
The Nature of Merchandise Inventory
RED

2. FLOW OF INVENTORY COSTS
page 171
Beginning
Merchandise
Inventory
Net
Purchases
Ending
Merchandise
Inventory
Cost of
Sold
Cost of
Merchandise
Available for Sale
LESSON 6-1

3. EFFECTS OF ERRORS IN COSTING AN INVENTORY
page 171
LESSON 6-1

4. STOCK RECORD FOR A PERPETUAL INVENTORY SYSTEM
page 173 1 2 3 4
1. Record the description information.
3. Record all sales transactions.
2. Write the beginning quantity.
4. Enter all purchase transactions.
LESSON 6-1

5. INVENTORY RECORD USED FOR THE PERIODIC INVENTORY
page 174 1 2 3 4 5 6
1. Enter inventory date and item description.
2. Record stock numbers and descriptions.
3. Write the number of units on hand.
4. Record the unit price.
5. Calculate and record the total item cost.
6. Total the column.
LESSON 6-1

6. TERMS REVIEW consignment consignee consignor stock record stock ledger
page 175
consignment
consignee
consignor
stock record
stock ledger
purchase order
inventory record
LESSON 6-1