PPT-Reporting and Interpreting Cost of Goods Sold and Inventory

Chapter 7 McGrawHillIrwin 2009 The McGrawHill Companies Inc Inventory Costing Methods Total Dollar Amount of Goods Available for Sale Ending Inventory Cost of Goods Sold Inventory Costing Method. Inventories and Cost of Goods Sold. Definition of inventory. Cost of inventory. Inventory systems. Effect of inventory errors. Costing . inventory. Inventory valuation. The gross profit method. Retail inventory method. Understand inventory from a business perspective.. Define inventory from an accounting perspective.. Identify which inventory items should be included in ending inventory.. Identify the effects of inventory errors on the financial statements and adjust for them.. What is the N9G Tool Box?. The N9G tool box . provides . the field . with helpful . information on . wide range of subjects.. The . tool . box . provides information . to . CNIC . Regions & Installations; keeping them “. Reporting and interpreting cost of goods sold and inventory. McGraw-Hill/Irwin. Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved.. Understanding the Business. Provide sufficient quantities of high-quality inventory.. Kimmel . ● Weygandt ● Kieso. Financial . Accounting, . Eighth . Edition. 6. After studying this chapter, you should be able to:. Determine how to classify . and determine . (the quantity and cost of) . Kimmel . ● Weygandt ● Kieso. Financial . Accounting, . Eighth . Edition. 6. CHAPTER OUTLINE. Discuss how to classify and determine. inventory.. 1. Apply inventory cost . flow methods and . discuss their . Terms of Sale. MERCHANDISING ACCOUNTS. To calculate net income (or net loss) for a merchandising company, subtract COGS and expenses from revenue:. Net Sales. COGS. = . Gross Profit. Expenses. = Net Income (or NL). Recording and Evaluating Conversion Process Activities. 9-. 2. What are the Primary Activities in the Conversion Process?. Schedule production. Obtain raw materials (internal transfer). Use labor and manufacturing resources to convert raw materials into finished goods. Coby Harmon. University of California, Santa Barbara. Westmont College. W. ILEY. IFRS EDITION. PREVIEW OF . CHAPTER 6. Financial Accounting. IFRS 3rd . Edition. Weygandt . ●. Kimmel . ●. . Kieso. Inventory and Cost of Goods Sold. PowerPoint . Author. :. . Brandy Mackintosh, CA. Learning Objective 7-1. Describe the issues in managing different types of inventory.. The primary goals of inventory managers are to:. Discuss how to classify and determine inventory.. Apply inventory cost flow methods and discuss their financial effects.. Indicate the effects of inventory errors on the financial statements.. 3. Explain the statement presentation and analysis of inventory.. Copyright 2014-2015 AICPA Unauthorized copying prohibited. Identifying Inventory and Cost of Goods Sold Fraud Exposures. O. ne . of the easiest ways to identify fraud exposures is to diagram the various kinds of transactions that can occur . Abby Schweickart. Nate Slany. Inventories are asset items that a company holds for sale in the ordinary course of business, or goods that it will use or consume in the production of goods to be sold. . Goods that will be used or consumed in the production of goods or services to be sold.. 6-. 2. Supplies. Tangible items that will be consumed in the course of normal operations.. E.g., office and janitorial supplies, lubricants, repair parts..