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ACTG 1P91 (29)
Lecture

Chapter 8 - Class #8

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Department
Accounting
Course
ACTG 1P91
Professor
Linda Stillabower
Semester
Fall

Description
Class #8▯ ▯ ACTG 1P91▯ November. 1st, 2011 Inventories --> Cost of Goods Sold (COGS) Sales - COGS = Gross Margin COGS = BI + Purchases = Good Available for Sale - Ending Inventory = COGS Perpetual Periodic - Specific ID - Records inventory but not cost Buy goods for resale Purchases goes up Cash goes down or Accounts Payable goes up 52 Tires at 10 ea = 520 plus 35 in freight = cost Trade Discounts and Cash Discounts Trade Discount = the discount received when buying in bulk Cash Discount = 2/10 Net 30 discoun
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