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The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

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Chapter 8
Determining Costs
In This Chapter
• Buying goods
• Counting inventory
• Figuring costs
• Paying payables
Making sales is the fun part of business, but understanding the costs of the products you are selling and monitoring any changes in those costs are critical to the success of your business. You could have what appears to be a very successful sales month when you add up your sales totals, but if you haven’t properly priced what you are selling you could still be operating at a loss. This chapter takes you behind the sales floor to look at how to record purchases of the products you plan to sell, manage inventory, and pay for that inventory. This chapter also explains how to set up a system to pay the bills.

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