Mastering Inventory Accounting: From Merchandising Transactions to Cost Flow Assumptions
Sub Category
- Operations
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Objectives
- Understand and process various types of merchandising transactions, including the purchase and sale of inventory.
- Comprehend and apply knowledge of sales discounts, purchase discounts, sales returns, allowances, and inventory shrinkage.
- Calculate and interpret the cost of goods sold in different types of businesses.
- Differentiate between perpetual and periodic inventory systems and identify the pros and cons of each.
- Understand what is included in the cost of inventory, including freight costs, insurance costs, and discounts.
- Grasp inventory flow assumptions such as specific identification, first in first out (FIFO), last in first out (LIFO), and weighted average methods.
- Apply FIFO, LIFO, and weighted average methods under both periodic and perpetual inventory systems.
- Recognize the intricacies and challenges of inventory tracking.
- Prepare and interpret financial statements of a merchandising company.
- Solve comprehensive problems covering the full accounting cycle for a merchandising company, including recording financial transactions, adjusting entries, and
- Improve their test-taking skills and tackle multiple choice questions and short calculation questions related to inventory accounting.
Pre Requisites
- We should have a basic understanding of financial accounting and debits and credits.
FAQ
- Q. How long do I have access to the course materials?
- A. You can view and review the lecture materials indefinitely, like an on-demand channel.
- Q. Can I take my courses with me wherever I go?
- A. Definitely! If you have an internet connection, courses on Udemy are available on any device at any time. If you don't have an internet connection, some instructors also let their students download course lectures. That's up to the instructor though, so make sure you get on their good side!
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