term1 Definition1term2 Definition2term3 Definition3
Please sign in to your Google account to access your documents:
What does the physical inventory count do?
it verifies the balance on the books
How would you do a journal entry for a $600 inventory shrinkage?
COGS 600
Inventory 600
What is the FIFO method used for?
What is the LIFO method used for?
When is the weighted average cost method used?
generally used in warehouses for a bunch of undifferentiated goods. COGS is neither high nor low
Lower of Cost or market:
inventory is usually valued at it's acquisition cost
How would you calculate for the weighted average cost method?
Cost of Goods Available for Sale = Avg. Unit cost
Total Units Available for Sale
(Avg. unit cost)(units left over)= Ending inventory
Need help typing ? See our FAQ (opens in new window)
Please sign in to create this set. We'll bring you back here when you are done.
Discard Changes Sign in
Please sign in to add to folders.
Sign in
Don't have an account? Sign Up »
You have created 2 folders. Please upgrade to Cram Premium to create hundreds of folders!