Presentation is loading. Please wait.

Presentation is loading. Please wait.

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

Published byAlan McWilliams Modified over 9 years ago

Similar presentations

Presentation on theme: "All about Inventory Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200 $300300$300300$300300 $400400$400400$400400 $500500 W. Avg."— Presentation transcript:

1

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

3 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

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

5 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

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

7 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

8 FIFO - $100 The full name for FIFO. What is first-in, first-out? Back to Board

9 FIFO - $200 The method of inventory costing which is allowed in the US but not in Canadian ASPE or IFRS. What is LIFO (last-in, first-out)? Back to Board

10 FIFO - $300 Buy one item each purchase at $3, $4, $5 and $6 in that order and sell 3 items; ____ is the cost assigned to the ending inventory. What is $6? Back to Board

11 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?

12 FIFO - $500 FIFO assigns the _________ costs to Inventory. What is newest or most recent? Back to Board

13 W. Avg & Specific ID - $100 Requires the cost of inventory to be recalculated each time inventory is sold. What is Weighted Average Cost? Back to Board

14 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

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

16 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

17 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

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

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

20 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 and Net Realizable Value? Back to Board

21 Other Terms - $400 365/Inventory Turnover Ratio. What is Days to Sell? Back to Board

22 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

23 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?

24 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?

25 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?

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

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

28 Daily Double Specify Your Wager!

29 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?

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

Similar presentations

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

All about Inventory Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ W. Avg.
Revenues & Expenses Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200 $300300$300300$300300 $400400$400400$400400 $500500 Dr/Cr.

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

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.

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.

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.

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.

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.

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.

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.

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

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.
Naming Polynomials Polynomial Add/Sub

Naming Polynomials Polynomial Add/Sub
Inventories and Cost of Goods Sold

Inventories and Cost of Goods Sold
Allow. for Doubtful Accounts Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200 $300300$300300$300300 $400400$400400$400400 $500500.

Allow. for Doubtful Accounts Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $
Bank Reconciliation Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200 $300300$300300$300300 $400400$400400$400400 $500500 Sales.

Bank Reconciliation Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ Sales.
Profitability Ratios Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200 $300300$300300$300300 $400400$400400$400400 $500500 Solvency.

Profitability Ratios Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ Solvency.
Recording Liabilities Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200 $300300$300300$300300 $400400$400400$400400 $500500 Bond.

Recording Liabilities Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ Bond.
Valuation and Reporting of Receivables and Inventory Chapter 6.

Valuation and Reporting of Receivables and Inventory Chapter 6.
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Inventories: Measurement 8.

Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Inventories: Measurement 8.
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.

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.

Similar presentations

Ads by Google