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Introductory Accounting by Lisa A. Bucki, Gail Perry, David H. Ringstrom

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CHAPTER5

Accounting for Inventory

In This Chapter

  • What inventory is and why we care about accounting for it
  • Different types of inventory items
  • Methods of valuing inventory
  • Counting your physical inventory
  • Inventory reporting

Businesses come in all shapes and sizes and offer a variety of products and services for sale. When a business creates and sells a physical product, it generally keeps a stock of that product on hand as inventory. A business also might house a supply of raw materials for creating finished inventory. You might resell products you don’t physically stock on-site, or you might need to standardize prices and descriptions for ...

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