Can you get this in hard copy? I find that I want to re read and reference the previous items when reading new ones.
Cost of goods sold: Income statement for business is cost of goods sold, could be large or small called merchandise inventory to sell to customers shows quantity of goods available for sale costs, sold 1) Beginning inventory 2) net cost of goods purchased 3) ending inventory Merchandise inventory account: financial representation of the physical goods Perpetual inventory: is continuously updated to reflect items like supermarkets uses scanner to ring shows how much left Periodic inventory procedure: companies do not use the merchandise inventory account to record each purchase and sale of merchandise. FOB shipping point: free on board at shipping point FOB destination: free on board at destination of buyer
Its the cost of inventory at the beginning of the accounting period plus purchases made during the period less returns out wards less inventory at the end of the accounting period (Opening inventory + Purchases - returns outwards - Closing Inventory = Cost of Goods available for sale)
Opening Balance + goods purchased= goods available for sale Goods available for sale - closing balance = cost of good sold in a financial year
Very interesting topic
this course is very interesting but very complicated
Are the goods purchased by a retailer an expense or an asset?
Where is a manufacturer's inventory reported in the balance sheet?
I really like the topics it expands my understanding
Hi,I think there is a problem on my progress percentage,yesterday it was 12% and now it's 1%. Mugabi
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