Free to share print make copies and changes Get yours at wwwboundlesscom Available on the Boundless Teaching Platform Using Boundless Presentations The Appendix The appendix is for you to use to add depth and breadth to your lectures You can simply drag and drop slides from the appendix ID: 786654
Download The PPT/PDF document "Boundless Lecture Slides" is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
Slide1
Boundless Lecture Slides
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Available on the Boundless Teaching Platform
Slide2Using Boundless Presentations
The Appendix
The appendix is for you to use to add depth and breadth to your lectures. You can simply drag and drop slides from the appendix into the main presentation to make for a richer lecture experience.
Free to edit, share, and copy
Feel free to edit, share, and make as many copies of the Boundless presentations as you like. We encourage you to take these presentations and make them your own.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Boundless Teaching Platform
Boundless empowers educators to engage their students with affordable, customizable textbooks and intuitive teaching tools. The free Boundless Teaching Platform gives educators the ability to customize textbooks in more than 20 subjects that align to hundreds of popular titles. Get started by using high quality Boundless books, or make switching to our platform easier by building from Boundless content pre-organized to match the assigned textbook. This platform gives educators the tools they need to assign readings and assessments, monitor student activity, and lead their classes with pre-made teaching resources.
Get started now at:
If you have any questions or problems please email:
educators@boundless.com
http://
boundless.com
/teaching-platform
Slide3Boundless is an innovative technology company making education more affordable and accessible for students everywhere. The company creates the world’s best open educational content in 20+ subjects that align to more than 1,000 popular college textbooks. Boundless integrates learning technology into all its premium books to help students study more efficiently at a fraction of the cost of traditional textbooks. The company also empowers educators to engage their students more effectively through customizable books and intuitive teaching tools as part of the Boundless Teaching Platform. More than 2 million learners access Boundless free and premium content each month across the company’s wide distribution platforms, including its website,
iOS
apps, Kindle books, and iBooks. To get started learning or teaching with Boundless, visit boundless.com.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
About Boundless
Slide4]
Controlling and Reporting of Inventories
Controlling and Reporting of Inventories
Understanding Inventory
Controlling Inventory
Valuing Inventory
Detail on Using LIFO
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Additional Topics in Inventory Valuation
Slide5]
Controlling and Reporting of Inventories
Controlling and Reporting of Inventories
(continued)
Assessing Inventory Management
Reporting and Analyzing Inventories
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Slide6Nature of Inventory
Categories of Goods Included in Inventory
Components of Inventory Cost Flow of Inventory Costs Understanding Inventory
Controlling and Reporting of Inventories
>
Understanding Inventory
Free to share, print, make copies and changes. Get yours at
www.boundless.com
www.boundless.com/accounting/textbooks/boundless-accounting-textbook/controlling-and-reporting-of-inventories-5/understanding-inventory-34/
Slide7Internal Controls
Perpetual vs. Periodic Counting
Conducting a Physical Inventory Impact of Measurement Error Controlling Inventory
Controlling and Reporting of Inventories
>
Controlling Inventory
Free to share, print, make copies and changes. Get yours at
www.boundless.com
www.boundless.com/accounting/textbooks/boundless-accounting-textbook/controlling-and-reporting-of-inventories-5/controlling-inventory-35/
Slide8Costing Methods Overview
Specific Identification Method
Cost Flow Assumptions Average Cost Method FIFO Method LIFO Method
Gross Profit Method Selecting an Inventory Method Impacts of Costing Methods on Financial StatementsValuing Inventory
Controlling and Reporting of Inventories
>
Valuing Inventory
Free to share, print, make copies and changes. Get yours at
www.boundless.com
www.boundless.com/accounting/textbooks/boundless-accounting-textbook/controlling-and-reporting-of-inventories-5/valuing-inventory-36/
Slide9The LIFO Reserve
Comparability
Liquidation Dollar-Value LIFO Advantages of LIFO Disadvantages of LIFO
Detail on Using LIFO
Controlling and Reporting of Inventories
>
Detail on Using LIFO
Free to share, print, make copies and changes. Get yours at
www.boundless.com
www.boundless.com/accounting/textbooks/boundless-accounting-textbook/controlling-and-reporting-of-inventories-5/detail-on-using-lifo-37/
Slide10Lower of Cost or Market
Methods in Retail Inventory
Additional Topics in Inventory Valuation
Controlling and Reporting of Inventories
> Additional Topics in Inventory Valuation
Free to share, print, make copies and changes. Get yours at
www.boundless.com
www.boundless.com/accounting/textbooks/boundless-accounting-textbook/controlling-and-reporting-of-inventories-5/additional-topics-in-inventory-valuation-38/
Slide11Efficiency Metrics
Impact of Inventory Method on Financial Statement Analysis
Assessing Inventory Management
Controlling and Reporting of Inventories
> Assessing Inventory Management
Free to share, print, make copies and changes. Get yours at
www.boundless.com
www.boundless.com/accounting/textbooks/boundless-accounting-textbook/controlling-and-reporting-of-inventories-5/assessing-inventory-management-39/
Slide12Reporting Inventories
Inventory Turnover Ratio
Adjusting for LIFO Reserve Reporting and Analyzing Inventories
Controlling and Reporting of Inventories
>
Reporting and Analyzing Inventories
Free to share, print, make copies and changes. Get yours at
www.boundless.com
www.boundless.com/accounting/textbooks/boundless-accounting-textbook/controlling-and-reporting-of-inventories-5/reporting-and-analyzing-inventories-40/
Slide13Free to share, print, make copies and changes. Get yours at
www.boundless.com
Appendix
Slide14Key terms
accounting The development and use of a system for recording and analyzing the financial transactions and financial status of a business or other organization.
accounting The development and use of a system for recording and analyzing the financial transactions and financial status of a business or other organization.accounting The development and use of a system for recording and analyzing the financial transactions and financial status of a business or other organization.adjustment
a small change; a minor correction; a modificationassumption The thing supposed; a postulate, or proposition assumed; a supposition.average collection period 365 divided by the receivables turnover ratiobalance sheet A summary of a person's or organization's assets, liabilities. and equity as of a specific date.balance sheet A balance sheet is often described as a "snapshot of a company's financial condition. " A standard company balance sheet has three parts: assets, liabilities, and ownership equity.
breakage Something that has been broken.COGS
COGS (cost of goods sold) is the inventory costs of those goods a business has sold during a particular period.COGS COGS (cost of goods sold) is the inventory costs of those goods a business has sold during a particular period.
COGS COGS (cost of goods sold) is the inventory costs of those goods a business has sold during a particular period.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories
Slide15comparability
Comparison or equivalence.Cost of Goods Sold refers to the inventory costs of the goods a business has sold during a particular period (sometimes abbreviated as COGS).
costing The estimation of the cost of a process or product.creditor A person to whom a debt is owed.cycle counting A cycle count is an inventory auditing procedure, which falls under inventory management, where a small subset of inventory, in a specific location, is counted on a specified day. Cycle counts contrast with traditional physical inventory in that a full physical inventory may stop operation at a facility while all items are counted at one time. Cycle counts are less disruptive to daily operations, provide an ongoing measure of inventory accuracy and procedure execution, and can be tailored to focus on items with higher value, higher movement volume, or that are critical to business processes.
cycle counts Process by which an auditor selects a small subset of inventory and counts it to ensure that it matches the information in the company's inventory management system. Meant to test the accuracy of inventory system.depreciable cost original cost minus salvage valueending inventory Ending inventory is the amount of inventory a company have in stock at the end of this fiscal year.
FIFO First in, first out (accounting).FIFO First in, first out (accounting).
FIFO First in, first out (accounting).Finished goods
Goods that are completed, from a manufacturing standpoint, but not yet sold or distributed to the end-user.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories
Slide16finished goods inventory
the amount of completed products not yet sold or distributed to the end-usergross profit The difference between net sales and the cost of goods sold.gross profit
The difference between net sales and the cost of goods sold.historical cost The original monetary value of an economic item and based on the stable measuring unit assumption. Improvements may be added to an asset's cost.income statement Displays the revenues recognized for a specific period and the cost and expenses charged against these revenues, including write-offs (e.g., depreciation and amortization of various assets) and taxes. The purpose of the income statement is to show managers and investors whether the company made or lost money during the reporting period.
income statement A calculation which shows the profit or loss of an accounting unit (company, municipality, foundation, etc.) during a specific period of time, providing a summary of how the profit or loss is calculated from gross revenue and expenses.inflation An increase in the quantity of money, leading to a devaluation of existing money.inflation An increase in the quantity of money, leading to a devaluation of existing money.
inflation An increase in the quantity of money, leading to a devaluation of existing money.internal auditor one who conducts an independent, objective assurance and consulting activity designed to add value and improve an organization's operations
inventory A detailed list of all of the items on hand.inventory
A detailed list of all of the items on hand.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories
Slide17inventory
A detailed list of all of the items on hand.inventory A detailed list of all of the items on hand.inventory
A detailed list of all of the items on hand.inventory Inventory includes goods ready for sale, as well as raw material and partially completed products that will be for sale when they are completed.inventory A detailed list of all of the items on hand.
inventory A detailed list of all of the items on hand.inventory A detailed list of all of the items on hand.inventory A detailed list of all of the items on hand.inventory A detailed list of all of the items on hand.labor
Effort expended on a particular task; toil, work.LIFO Last-in, first-out (accounting).LIFO
Last-in, first-out (accounting).
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories
Slide18LIFO
Last-in, first-out (accounting).LIFO Last-in, first-out (accounting).LIFO
Last-in, first-out (accounting).LIFO Last-in, first-out (accounting).LIFO Last-in, first-out (accounting).LIFO
Last-in, first-out (accounting).LIFO reserve The amount by which an entity's taxable income has been deferred by using the LIFO method.LIFO Reserve = FIFO Valuation - LIFO Valuationliquidation The selling of the assets of a business as part of the process of dissolving it.liquidity An asset's property of being able to be sold without affecting its value; the degree to which it can be easily converted into cash.market price
The price at which a product, financial instrument, service or other tradable item can be bought and sold at an open market; the going price.market value The price which a seller or insurer might reasonably expect to fetch for goods, services or securities on the open market.
monetary Of, pertaining to, or consisting of money.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories
Slide19net income
Gross profit minus operating expenses and taxes.obsolescence The process of becoming obsolete, outmoded, or out of date.overhead
Any cost or expenditure (monetary, time, effort or otherwise) incurred in a project or activity, that does not directly contribute to the progress or outcome of the project or activity.periodic inventory system accounting for goods and materials held for eventual sale that is not continually updatedperpetual Continuing uninterrupted
perpetual inventory system Perpetual inventory or continuous inventory updates information on inventory quantity and availability on a continuous basis as a function of doing business. Generally this is accomplished by connecting the inventory system with order entry and in retail the point of sale system.phantom inventory Phantom inventory is a common expression for goods that an inventory accounting system considers to be on-hand at a storage location, but are not actually available. This could be due to the items being moved without recording the change in the inventory accounting system, breakage, theft data entry errors or deliberate fraud. The resulting discrepancy between the online inventory balance and physical availability can delay automated reordering and lead to out-of-stock incidents. If not addressed, phantom inventory can also result in broader accounting issues and restatements.physical inventory count
Physical inventory is a process where a business physically counts its entire inventory. A physical inventory may be mandated by financial accounting rules or the tax regulations to place an accurate value on the inventory, or the business may need to count inventory so component parts or raw materials can be restocked. Businesses may use several different tactics to minimize the disruption caused by physical inventory.purchase price
The price at which something is actually purchased, especially from the point of view of the purchaser.raw material A material in its unprocessed, natural state considered usable for manufacture.
raw materials A raw material is the basic material from which a product is manufactured or made.raw materials A raw material is the basic material from which a product is manufactured or made.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories
Slide20raw materials
A raw material is the basic material from which a product is manufactured or made.serial number A unique number, assigned to a particular unit of some product, to identify it.
shareholder One who owns shares of stock.shortage a lack or deficiencyspecific identification method inventory measurement based on the exact number of goods in inventory and their purchase price
stated value par valuesupply chain A system of organizations, people, technology, activities, information and resources involved in moving a product or service from supplier to customer.turnover The number of times a stock is replaced after being used or sold, a worker is replaced after leaving, or a property changes handsvaluation The process of estimating the market value of a financial asset or liability.
weighted average An arithmetic mean of values biased according to agreed weightings.Work in process a company's partially finished goods waiting for completion and eventual sale or the value of these items
work in progress A portion of inventory that represents goods which are no longer salable as raw materials, but not yet salable as finished goods.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories
Slide21Businesses need to manage their inventories.
Here a woman is checking stock of certain items to maintain an accurate record for dollars of inventory in stock.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Wikimedia.
"Clerk inventory."
Public domain
http://commons.wikimedia.org/wiki/File:Clerk_inventory.JPG
View on Boundless.com
Controlling and Reporting of Inventories
Slide22Businesses need to manage their inventories.
Here a woman is checking stock of certain items to maintain an accurate record for dollars of inventory in stock.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Wikimedia.
"Clerk inventory."
Public domain
http://commons.wikimedia.org/wiki/File:Clerk_inventory.JPG
View on Boundless.com
Controlling and Reporting of Inventories
Slide23Seasonal Inventory
Valuing inventory using the LIFO method.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Flickr.
"Inventory for seasonal decoration | Flickr - Photo Sharing!."
CC BY
http://www.flickr.com/photos/gastev/3460102542/
View on Boundless.com
Controlling and Reporting of Inventories
Slide24Inventory Template
Example of inventory template.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Flickr.
"Inventory Template | Flickr - Photo Sharing!."
CC BY-SA
http://www.flickr.com/photos/ivanwalsh/3674056945/
View on Boundless.com
Controlling and Reporting of Inventories
Slide25Inventory
Inventory appears as an asset on the balance sheet.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Flickr.
"All sizes | set | Flickr - Photo Sharing!."
CC BY-SA
http://www.flickr.com/photos/hospi-table/1194389542/sizes/o/
View on Boundless.com
Controlling and Reporting of Inventories
Slide26Housing inventory growth in Phoenix
There was an interesting comment on the housing bubble blog listing "available inventory", otherwise known as the number of houses currently for sale, in Phoenix. It listed the available inventory on a daily basis from 7/20/2006 to 5/9/2006 (up to the day it was posted! )Phoenix is one of the "hot" markets of the housing bubble, but certainly isn't the top of the list. Inventory run ups like this are being seen nation wide, and are leading to price reductions (if the seller is smart) and long waits to sell as bubble flippers all try to cash out at once.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Flickr.
"Housing inventory growth in Phoenix | Flickr - Photo Sharing!."
CC BY-SA
http://www.flickr.com/photos/ericskiff/145095429/
View on Boundless.com
Controlling and Reporting of Inventories
Slide27Keeping track of Inventory
Clerk conducting physical inventory count using a handheld computer in a Tesco Lotus supermarket in Sakon Nakhon, Thailand
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Wikimedia.
"Clerk inventory."
CC BY-SA
http://commons.wikimedia.org/wiki/File:Clerk_inventory.JPG
View on Boundless.com
Controlling and Reporting of Inventories
Slide28Physical inventory
Female clerk doing inventory work using a handheld computer in a Tesco Lotus supermarket in Sakon Nakhon, Thailand
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Wikimedia.
"Clerk inventory."
CC BY-SA
http://commons.wikimedia.org/wiki/File:Clerk_inventory.JPG
View on Boundless.com
Controlling and Reporting of Inventories
Slide29A company's inventory is a valuable asset.
An inventory control system ensures that the company's books reflect the actual inventory on hand.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Flickr.
"All sizes | Inventory for seasonal decoration | Flickr - Photo Sharing!."
CC BY
http://www.flickr.com/photos/gastev/3460102542/sizes/l/
View on Boundless.com
Controlling and Reporting of Inventories
Slide30Inventory Template
Example of inventory template.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Flickr.
"Inventory Template | Flickr - Photo Sharing!."
CC BY-SA
http://www.flickr.com/photos/ivanwalsh/3674056945/
View on Boundless.com
Controlling and Reporting of Inventories
Slide31Seasonal Inventory
Valuing inventory using the LIFO method.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Flickr.
"Inventory for seasonal decoration | Flickr - Photo Sharing!."
CC BY
http://www.flickr.com/photos/gastev/3460102542/
View on Boundless.com
Controlling and Reporting of Inventories
Slide32Efficient use of inventory is critical for businesses.
Picture of inventory at a business.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Flickr.
"Quattro Vino | Flickr - Photo Sharing!."
CC BY
http://www.flickr.com/photos/pdsphil/224028208/lightbox/
View on Boundless.com
Controlling and Reporting of Inventories
Slide33Accounting Cycle
The accounting cycle (flows).
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Wikimedia.
"Accounting cycle."
CC BY-SA
http://commons.wikimedia.org/wiki/File:Accounting_cycle.gif
View on Boundless.com
Controlling and Reporting of Inventories
Slide34Efficient use of inventory is critical for businesses.
Picture of inventory at a business.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Flickr.
"Quattro Vino | Flickr - Photo Sharing!."
CC BY
http://www.flickr.com/photos/pdsphil/224028208/lightbox/
View on Boundless.com
Controlling and Reporting of Inventories
Slide35Inventory
Inventory in a warehouse
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Wikipedia.
"Warehouse."
GNU FDL
http://en.wikipedia.org/wiki/Warehouse
View on Boundless.com
Controlling and Reporting of Inventories
Slide36Efficient use of inventory is critical for businesses.
Inventory at a business.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Flickr.
"Quattro Vino | Flickr - Photo Sharing!."
CC BY
http://www.flickr.com/photos/pdsphil/224028208/lightbox/
View on Boundless.com
Controlling and Reporting of Inventories
Slide37Friedrich Von Hayek
Austrian economist Friedrich von Hayek, along with University of Chicago economist Milton Friedman are two classic liberal economists attributed with the return of laissez-faire economics and deregulation.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Wikipedia.
"Friedrich von Hayek."
GNU FDL
http://en.wikipedia.org/wiki/Friedrich_von_Hayek
View on Boundless.com
Controlling and Reporting of Inventories
Slide38Inventory valuation method.
The inventory valuation method a company chooses directly effects its financial statements.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Flickr.
"All sizes | Mediq Sverige Kungsbacka warehouse | Flickr - Photo Sharing!."
CC BY
http://www.flickr.com/photos/gwankho/6205837092/sizes/l/
View on Boundless.com
Controlling and Reporting of Inventories
Slide39Accounting cycle
Image of the accounting cycle
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Wikimedia.
"Accounting cycle."
CC BY-SA
http://commons.wikimedia.org/wiki/File:Accounting_cycle.gif
View on Boundless.com
Controlling and Reporting of Inventories
Slide40Inventory.
The gross profit (or gross margin) method uses the previous year's average gross profit margin (i.e. sales minus cost of goods sold divided by sales) to calculate the value of the inventory.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Flickr.
"All sizes | Inventory Control | Flickr - Photo Sharing!."
CC BY
http://www.flickr.com/photos/3059349393/3785406492/sizes/l/
View on Boundless.com
Controlling and Reporting of Inventories
Slide41Determining ending inventory
Determining ending inventory under weighted-average method using periodic inventory procedure
Free to share, print, make copies and changes. Get yours at
www.boundless.com
http://www.opencollegetextbooks.org/category/accounting/.
CC BY
http://www.opencollegetextbooks.org/category/accounting/
View on Boundless.com
Controlling and Reporting of Inventories
Slide42Businesses need to manage their inventories.
Here a woman is checking stock of certain items to maintain an accurate record for dollars of inventory in stock.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Wikimedia.
"Clerk inventory."
Public domain
http://commons.wikimedia.org/wiki/File:Clerk_inventory.JPG
View on Boundless.com
Controlling and Reporting of Inventories
Slide43Specific Identification
Determining ending inventory under specific identification
Free to share, print, make copies and changes. Get yours at
www.boundless.com
http://www.opencollegetextbooks.org/category/accounting/.
CC BY
http://www.opencollegetextbooks.org/category/accounting/
View on Boundless.com
Controlling and Reporting of Inventories
Slide44LIFO Flowchart
LIFO flow of costs under periodic inventory procedure
Free to share, print, make copies and changes. Get yours at
www.boundless.com
http://www.opencollegetextbooks.org/category/accounting/.
CC BY
http://www.opencollegetextbooks.org/category/accounting/
View on Boundless.com
Controlling and Reporting of Inventories
Slide45LIFO inventory method
Determining LIFO cost of ending inventory under periodic inventory procedure.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
http://www.opencollegetextbooks.org/category/accounting/.
CC BY
http://www.opencollegetextbooks.org/category/accounting/
View on Boundless.com
Controlling and Reporting of Inventories
Slide46Businesses need to manage their inventories.
Here a woman is checking stock of certain items to maintain an accurate record for dollars of inventory in stock.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Wikimedia.
"Clerk inventory."
Public domain
http://commons.wikimedia.org/wiki/File:Clerk_inventory.JPG
View on Boundless.com
Controlling and Reporting of Inventories
Slide47Plane liquidation
Alitalia — Compagnia Aerea Italiana S.p.A. (Italian for Alitalia - Italian Air Company), is an Italian airline, which bought some assets from the liquidation process of the old Alitalia-Linee Aeree Italiane and the entire Air One.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Fotopedia.
CC BY-SA
http://www.fotopedia.com/items/flickr-3487605452
View on Boundless.com
Controlling and Reporting of Inventories
Slide48Periodic inventory is performed once a year.
Physically counting inventory ensures that book value and physical value are the same.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Flickr.
"Dairy in the Walkin | Flickr - Photo Sharing!."
CC BY
http://www.flickr.com/photos/tracyhunter/121601421/
View on Boundless.com
Controlling and Reporting of Inventories
Slide49Inventory
Inventory in a warehouse.
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Wikipedia.
"Warehouse."
GNU FDL
http://en.wikipedia.org/wiki/Warehouse
View on Boundless.com
Controlling and Reporting of Inventories
Slide50Attribution
Wiktionary.
"purchase price." CC BY-SA 3.0 http://en.wiktionary.org/wiki/purchase_price
Wikipedia. "Par value." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Par_value
Boundless Learning.
"Boundless." CC BY-SA 3.0
http://www.boundless.com//finance/definition/market-value
Wikipedia. "historical cost." CC BY-SA 3.0
http://en.wikipedia.org/wiki/historical%20cost
http://www.opencollegetextbooks.org/category/accounting/.
CC BY
http://www.opencollegetextbooks.org/category/accounting/
Wikipedia.
"Lower of cost or market."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/Lower_of_cost_or_markethttp://www.opencollegetextbooks.org/category/accounting/.
CC BY
http://www.opencollegetextbooks.org/category/accounting/Wiktionary.
"inflation." CC BY-SA 3.0 http://en.wiktionary.org/wiki/inflation
Wiktionary. "inventory." CC BY-SA 3.0
http://en.wiktionary.org/wiki/inventoryWikipedia. "LIFO." CC BY-SA 3.0 http://en.wikipedia.org/wiki/LIFO
Wikipedia. "Cost of goods sold." CC BY-SA 3.0
http://en.wikipedia.org/wiki/Cost_of_goods_sold
Wikipedia.
"Contra account."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Contra_account%23Contra_account
Wikipedia.
"FIFO and LIFO accounting."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/FIFO_and_LIFO_accounting
Wikipedia.
"Cost of goods sold."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Cost_of_goods_sold%23Write-downs_and_allowances
Wiktionary.
"overhead."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/overhead
Boundless Learning.
"Boundless."
CC BY-SA 3.0
http://www.boundless.com//economics/definition/labor
Wikipedia.
"raw materials."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/raw%20materials
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories
Slide51Wikipedia.
"Cost of goods sold."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/Cost_of_goods_sold%23Importance_of_inventories
Wikipedia. "Cost of goods sold." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Cost_of_goods_sold%23Importance_of_inventories
Wiktionary.
"market price." CC BY-SA 3.0
http://en.wiktionary.org/wiki/market_price
Wikipedia. "LIFO." CC BY-SA 3.0 http://en.wikipedia.org/wiki/LIFO
Wiktionary.
"inventory."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/inventory
Wikipedia.
"FIFO and LIFO accounting."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/FIFO_and_LIFO_accountingWikipedia. "Inventory."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Inventory%23FIFO_vs._LIFO_accountingWiktionary. "gross profit."
CC BY-SA 3.0 http://en.wiktionary.org/wiki/gross_profit
Wiktionary. "shortage." CC BY-SA 3.0 http://en.wiktionary.org/wiki/shortage
Wiktionary. "inventory." CC BY-SA 3.0 http://en.wiktionary.org/wiki/inventory
http://www.opencollegetextbooks.org/category/accounting/. CC BY
http://www.opencollegetextbooks.org/category/accounting/
Wikipedia.
"Inventory valuation."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Inventory_valuation
Wiktionary.
"liquidity."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/liquidity
Wikipedia.
"COGS."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/COGS
Wiktionary.
"turnover."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/turnover
http://www.opencollegetextbooks.org/category/accounting/.
CC BY
http://www.opencollegetextbooks.org/category/accounting/
Wikipedia.
"Inventory turnover."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Inventory_turnover
Wiktionary.
"inventory."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/inventory
Wikipedia.
"Inventory."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Inventory%23Accounting_for_inventory
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories
Slide52Wikipedia.
"Inventory valuation."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/Inventory_valuation
Wiktionary. "inventory." CC BY-SA 3.0 http://en.wiktionary.org/wiki/inventory
Wikipedia.
"raw materials." CC BY-SA 3.0
http://en.wikipedia.org/wiki/raw%20materialsWiktionary.
"costing." CC BY-SA 3.0 http://en.wiktionary.org/wiki/costing
Wikipedia.
"Cost accounting."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Cost_accounting
http://www.opencollegetextbooks.org/category/accounting/.
CC BY http://www.opencollegetextbooks.org/category/accounting/Wiktionary. "inventory."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/inventoryWikipedia. "COGS."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/COGS
Wiktionary. "assumption." CC BY-SA 3.0 http://en.wiktionary.org/wiki/assumption
Wikipedia. "Inventory." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Inventory
Wikipedia. "Average cost method." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Average_cost_method
Wikibooks.
"Accountancy/Cost Flow Assumptions."
CC BY-SA 3.0
http://en.wikibooks.org/wiki/Accountancy/Cost_Flow_Assumptions
Wiktionary.
"serial number."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/serial_number
Wikipedia.
"Specific identification (inventories)."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Specific_identification_(inventories)
Wiktionary.
"accounting."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/accounting
Wiktionary.
"inventory."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/inventory
http://www.opencollegetextbooks.org/category/accounting/.
CC BY
http://www.opencollegetextbooks.org/category/accounting/
Wikipedia.
"Gross profit."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Gross_profit
http://www.opencollegetextbooks.org/category/accounting/.
CC BY
http://www.opencollegetextbooks.org/category/accounting/
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories
Slide53Wiktionary.
"income statement."
CC BY-SA 3.0 http://en.wiktionary.org/wiki/income_statement
Wiktionary. "inventory." CC BY-SA 3.0 http://en.wiktionary.org/wiki/inventory
Wikipedia.
"LIFO." CC BY-SA 3.0
http://en.wikipedia.org/wiki/LIFOhttp://www.opencollegetextbooks.org/category/accounting/.
CC BY http://www.opencollegetextbooks.org/category/accounting/
Wikipedia.
"FIFO and LIFO accounting."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/FIFO_and_LIFO_accounting
http://www.opencollegetextbooks.org/category/accounting/.
CC BY http://www.opencollegetextbooks.org/category/accounting/Wiktionary. "inflation."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/inflationWiktionary. "accounting."
CC BY-SA 3.0 http://en.wiktionary.org/wiki/accounting
Wikipedia. "FIFO." CC BY-SA 3.0 http://en.wikipedia.org/wiki/FIFO
Wikipedia. "FIFO and LIFO accounting." CC BY-SA 3.0 http://en.wikipedia.org/wiki/FIFO_and_LIFO_accounting
Wiktionary. "net income." CC BY-SA 3.0
http://en.wiktionary.org/wiki/net_income
Wikipedia.
"ending inventory."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/ending%20inventory
http://www.opencollegetextbooks.org/category/accounting/.
CC BY
http://www.opencollegetextbooks.org/category/accounting/
Wikipedia.
"FIFO and LIFO accounting."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/FIFO_and_LIFO_accounting
http://www.opencollegetextbooks.org/category/accounting/.
CC BY
http://www.opencollegetextbooks.org/category/accounting/
Wiktionary.
"balance sheet."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/balance_sheet
Wiktionary.
"inventory."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/inventory
Wikipedia.
"FIFO and LIFO accounting."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/FIFO_and_LIFO_accounting
Wikipedia.
"Accounting methods."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Accounting_methods
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories
Slide54http://www.opencollegetextbooks.org/category/accounting/.
CC BY http://www.opencollegetextbooks.org/category/accounting/
Wiktionary. "creditor." CC BY-SA 3.0 http://en.wiktionary.org/wiki/creditor
Wiktionary.
"liquidation." CC BY-SA 3.0
http://en.wiktionary.org/wiki/liquidationWikipedia.
"LIFO." CC BY-SA 3.0 http://en.wikipedia.org/wiki/LIFO
Wikipedia.
"Liquidation."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Liquidation
Wikipedia.
"FIFO and LIFO accounting."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/FIFO_and_LIFO_accountingWiktionary. "adjustment."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/adjustmentWiktionary. "valuation."
CC BY-SA 3.0 http://en.wiktionary.org/wiki/valuation
Wiktionary. "comparability." CC BY-SA 3.0 http://en.wiktionary.org/wiki/comparability
Wikipedia. "Business valuation." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Business_valuation
Wiktionary. "weighted average." CC BY-SA 3.0 http://en.wiktionary.org/wiki/weighted_average
Wikipedia.
"Depreciation."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Depreciation
Wikipedia.
"Average collection period."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Average_collection_period
Wiktionary.
"inventory."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/inventory
Wikipedia.
"COGS."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/COGS
http://www.opencollegetextbooks.org/category/accounting/.
CC BY
http://www.opencollegetextbooks.org/category/accounting/
Wikipedia.
"Weighted-average cost."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Weighted-average_cost%23Weighted_Average_Cost
Wikipedia.
"phantom inventory."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/phantom%20inventory
Wikipedia.
"Measurement error."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Measurement_error
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories
Slide55Wikipedia.
"Perpetual inventory."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/Perpetual_inventory
Wiktionary. "income statement." CC BY-SA 3.0 http://en.wiktionary.org/wiki/income_statement
Wiktionary.
"balance sheet." CC BY-SA 3.0
http://en.wiktionary.org/wiki/balance_sheetWikipedia.
"FIFO and LIFO accounting." CC BY-SA 3.0 http://en.wikipedia.org/wiki/FIFO_and_LIFO_accounting
Wikipedia.
"Cost of goods sold."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Cost_of_goods_sold
Wikipedia.
"Cost of Goods Sold."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/Cost%20of%20Goods%20SoldWiktionary. "obsolescence."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/obsolescenceWikipedia. "Financial ratio."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/Financial_ratio%23Activity_ratios_.28Efficiency_Ratios.29
Wikipedia. "Stock turnover." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Stock_turnover
Wiktionary. "perpetual." CC BY-SA 3.0 http://en.wiktionary.org/wiki/perpetual
Wiktionary. "breakage." CC BY-SA 3.0
http://en.wiktionary.org/wiki/breakage
Wikipedia.
"Perpetual inventory."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Perpetual_inventory
Wikipedia.
"Periodic inventory."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Periodic_inventory
Wikipedia.
"perpetual inventory system."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/perpetual%20inventory%20system
Wikipedia.
"cycle counting."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/cycle%20counting
Wikipedia.
"Physical inventory."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Physical_inventory
Wiktionary.
"gross profit."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/gross_profit
Wiktionary.
"monetary."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/monetary
Wikipedia.
"Gross margin."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Gross_margin
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories
Slide56Wikipedia.
"Gross Profit."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/Gross_Profit
Wikipedia. "Inventory valuation." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Inventory_valuation
http://www.opencollegetextbooks.org/category/accounting/.
CC BY
http://www.opencollegetextbooks.org/category/accounting/
Wiktionary. "inflation." CC BY-SA 3.0 http://en.wiktionary.org/wiki/inflation
Wiktionary.
"shareholder."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/shareholder
Wikipedia.
"LIFO."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/LIFOWikipedia. "Value (economics)."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Value_(economics)http://www.opencollegetextbooks.org/category/accounting/.
CC BY http://www.opencollegetextbooks.org/category/accounting/
Wiktionary. "work in progress." CC BY-SA 3.0 http://en.wiktionary.org/wiki/work_in_progress
Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//business/definition/work-in-process
Wikipedia. "Finished good." CC BY-SA 3.0
http://en.wikipedia.org/wiki/Finished_good
Boundless Learning.
"Boundless."
CC BY-SA 3.0
http://www.boundless.com//business/definition/finished-goods
Wikipedia.
"raw materials."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/raw%20materials
Wikipedia.
"Raw materials."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Raw_materials
Wikipedia.
"Inventory."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Inventory%23Special_terms_used_in_dealing_with_inventory
Wikipedia.
"Work in process."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Work_in_process
Wikipedia.
"Inventory."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Inventory%23Business_inventory
Wikipedia.
"Inventory."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Inventory%23Business_inventory
Wiktionary.
"supply chain."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/supply_chain
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories
Slide57Boundless Learning.
"Boundless."
CC BY-SA 3.0 http://www.boundless.com//marketing/definition/raw-material
Wiktionary. "inventory." CC BY-SA 3.0 http://en.wiktionary.org/wiki/inventory
OpenStax CNX.
"Rudy Lopes, Inventory and Cost of Goods Sold. September 17, 2013." CC BY 3.0
http://cnx.org/content/m15780/latest/
Wikipedia. "Inventory." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Inventory%23Business_inventory
Wikipedia.
"Inventory."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Inventory%23Business_inventory
Wikipedia.
"Inventory."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/Inventory%23Business_inventoryWiktionary. "accounting."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/accountingWikipedia. "FIFO."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/FIFO
Wikipedia. "LIFO." CC BY-SA 3.0 http://en.wikipedia.org/wiki/LIFO
Wikipedia. "FIFO and LIFO accounting." CC BY-SA 3.0 http://en.wikipedia.org/wiki/FIFO_and_LIFO_accounting
Wikipedia. "Cash flow statement." CC BY-SA 3.0
http://en.wikipedia.org/wiki/Cash_flow_statement
Wikipedia.
"Cash flow."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Cash_flow
Wikipedia.
"Inventory."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Inventory%23Special_terms_used_in_dealing_with_inventory
Journal of Business & Economics Research.
"The Theoretical Defenses Of The Last In First Out Inventory Methods."
CC BY
https://www.heartland.org/sites/default/files/8376-33294-1-pb.pdf
Wikipedia.
"Internal audit."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Internal_audit
Boundless Learning.
"Boundless."
CC BY-SA 3.0
http://www.boundless.com//accounting/definition/cycle-counts
Wikipedia.
"physical inventory count."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/physical%20inventory%20count
Wikipedia.
"Inventory control."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Inventory_control
Wikipedia.
"Cycle count."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Cycle_count
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories
Slide58Wikipedia.
"Internal control."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/Internal_control
Wikipedia. "LIFO reserve." CC BY-SA 3.0 http://en.wikipedia.org/wiki/LIFO%20reserve
Wikipedia.
"FIFO." CC BY-SA 3.0
http://en.wikipedia.org/wiki/FIFOWikipedia.
"LIFO." CC BY-SA 3.0 http://en.wikipedia.org/wiki/LIFO
Wikipedia.
"FIFO and LIFO accounting."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/FIFO_and_LIFO_accounting
Free to share, print, make copies and changes. Get yours at
www.boundless.com
Controlling and Reporting of Inventories