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Inventory (Calculations (FIFO (first or oldest inventory recorded first…

- - - - BI + P
    - - COGAS / Total Units
      - COGAS/Total Units x Units Sold = COGS
  - - - FIFO (cat) sees a mouse...Starts Low and is Rising
      - If COGS is low, that means EI is High
      - FIFO has lowest COGS
    - - FIFO has the highest COGS
      - FIFO, high from counter is falling off the table
      - If COGS is High, that means EI is low
- - - - E.RE = BI + NI - Dividend
      - COGS and Sales are part of NI formula
    - - COGS = BI + P - EI
- - - - FOB Shipping Point
        
        Sale is complete at shipping point
        
        Seller can record revenue and increase A/R
      - FOB Destination
        
        Sale is complete when buyer receives
        
        Seller still records inventory until it reaches buyer
- - - - Weighted-Average Cost Flow method
  - - - Moving-Average Cost Flow Method
- - - - LIFO and Retail Method
      - Middle of 3 Variables is Market Value
        
        Market Ceiling (NRV)
        
        NRV
        
        Cost
        
        Market Floor
        
        NRV - Profit Margin
        
        Profit Margin = Gross Selling Price * Profit Margin %
      - NRV = SPrice - SCost
        
        Selling Cost includes disposal, completion, and shipping
    - - FIFO and Weighted Average Cost
      - Includes all other Methods besides LIFO & Retail
      - Only Two Variables
        
        NRV
        
        Cost