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Accounting All-in-One For Dummies, with Online Practice, 2nd Edition
book

Accounting All-in-One For Dummies, with Online Practice, 2nd Edition

by Joseph Kraynak
April 2018
Beginner content levelBeginner
768 pages
20h 9m
English
For Dummies
Content preview from Accounting All-in-One For Dummies, with Online Practice, 2nd Edition

Chapter 2

Exploring Inventory Cost Flow Assumptions

IN THIS CHAPTER

check Seeing how inventory calculations impact financial statements

check Comparing service companies and manufacturers

check Recognizing a variety of inventory types

check Sampling inventory valuation methods

check Looking at an inventory worksheet

Some people think that inventory is only the merchandise available for sale in a store, commonly called retail or merchandise inventory. This chapter covers retail inventory, but it also introduces you to other kinds of product inventory used by manufacturers, including direct materials, work in process, and finished goods.

You also find out in this chapter about two methods a company may use to keep track of merchandise inventory, as well as the four methods businesses may use to value ending inventory: specific identification; weighted average; last-in, first-out; and first-in, first-out.

Some businesses, such as service companies, may not carry any inventory. Although they may carry a minimal amount ...

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Publisher Resources

ISBN: 9781119453895Purchase book