TAILIEUCHUNG - Lecture College accounting (13/e): Chapter 17 - Price, Haddock, Farina

Chapter 17 - Merchandise inventory. After reading this chapter, you should be able to: Compute inventory cost by applying four commonly used costing methods, compare the effects of different methods of inventory costing, compute inventory value under the lower of cost or market rule, estimate inventory cost using the gross profit method, estimate inventory cost using the retail method, define the accounting terms new to this chapter. | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Merchandise Inventory Section 1: Inventory Costing Methods Chapter 17 Section Objectives Compute inventory cost by applying four commonly used costing methods. Compare the different methods of inventory costing. Based on a running total of number of units. Uses point-of-sale cash registers and scanners. Perpetual Inventory Periodic Inventory Based on a periodic count of goods on hand. Requires a physical inventory (count). Periodic inventory is the method used in this chapter. Two Types of Inventory System Specific Identification Method Average Cost Method FIFO Method LIFO Method The methods used to assign costs to inventory are based on assumptions about the physical flow of goods. Compute inventory cost using four common methods Objective 1 A method of inventory costing based on the actual cost of each piece of merchandise. Automobile dealers, and merchants who deal with items .

• Kế toán - Kiểm toán
• College accounting
• Lecture College accounting
• Financial statement
• Cost accounting
• Merchandise inventory
• Inventory costing methods
• Job order cost accounting
• Accounting for sales
• Accounts receivable
• Accounting for purchases
• Accounts payable
• Closing procedures
• Accounting cycle
• Accounting principles
• Reporting standards
• Accounting for partnerships
• Allocating income
• Process cost accounting
• Process inventory
• Language of business
• Financial information
• Analyzing business transactions
• Financial interest
• T accounts
• General ledger
• General journal
• The worksheet
• Trial balance
• Closing entries
• Postclosing trial balance
• Cash receipts
• Cash payments
• Payroll computations
• Payroll laws
• Payroll taxes
• Employee income tax
• Recording adjustments
• Uncollectible accounts
• Notes payable
• Notes receivable
• Disposition of assets
• Depreciation methods
• Capital stock transactions
• Capital stock
• Corporate earnings
• Capital transactions