Inventory Valuation Raw materials Work-in-progress Finished goods Other items Matching inventory cost with revenues Matching principle requires matching expenses with revenues…

Slide 1Unit 1.6 Inventory Costing Slide 2 In the balance sheet of merchandising and manufacturing companies, inventory is frequently the most significant current asset. In…

Slide 1INVENTORY COSTING CHAPTER 6 Slide 2 Needs to happen at least once a year This is done to verify or correct what you have on paper for your inventory value Actually…

1.John Wiley & Sons, Inc. © 2005 Chapter 6 Inventories Prepared by Naomi Karolinski Monroe Community College and Marianne Bradford Bryant College Accounting Principles,…

1. 18.7 LOWER OF COST AND NET REALISABLE VALUE 2. © Michael Allison, Trinity Grammar School. Author’s permission required for external use 18.7 LOWER OF COST AND NET REALISABLE…

Slide 1 Record this! Slide 2 Question 1 The Chelsea Video sells of $9000 of merchandise on account FOB destination on May 4. A/R 9000 –Sales 9000 Slide 3 Question 2 $200…

Slide 1 Slide 2 John Wiley & Sons, Inc. © 2005 Chapter 6 Inventories Prepared by Naomi Karolinski Monroe Community College and and Marianne Bradford Bryant College Accounting…

Inven - Est - * INVENTORY Alternative Valuation Methods Remember! 3 spaces = LCM 4 spaces = DV LIFO Retail 11 spaces = FISH!! Inven - Est - * 10- LOWER OF COST OR MARKET…

Session Details 4-* Module 2 Chapter(s) 1 -3 LOs 2-1 Identify characteristics, advantages, and disadvantages of the cash or accrual method of accounting. 2-2 Evaluate a situation…

At the end of an accounting period, companies need to determine the quantity of inventory they own as of that date. Usually, this is a two- step process: 1) taking a physical…