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Mastering Inventory Accounting: From Merchandising Transactions to Cost Flow Assumptions
What you'll learn
- 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.
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