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10.1, 10.3, 10.4 - Coggle Diagram
10.1
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Definition
Inventory accounting is significantly complicated by the fact that it is an ongoing process of constant change,
The total cost of all the inventory that remains at period end, reported as merchandise inventory on the balance sheet, plus the total cost of the inventory that was sold or otherwise removed, reported as cost of goods sold on the income statement, reported as cost of goods sold on the income statement
represent the entirety of the inventory that the company had to work with during the period, or goods available for sale
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10.3
Calculations of Costs of Goods Sold, Ending Inventory, and Gross Margin, Weighted Average (AVG)
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Calculations of Costs of Goods Sold, Ending Inventory, and Gross Margin, Specific Identification
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Calculations of Costs of Goods Sold. Ending Inventory, and Gross Margin, First-in, First-out (FIFO)
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Calculations of Costs of Goods Sold, Ending Inventory, and Gross Margin, Last-in, First-out (LIFO)
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Calculations for Inventory Purchases and Sales during the Period, Perpetual Inventory Updating
Description of Journal Entries for Inventory Sales, Perpetual, Specific Identification
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