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Business Administration
Business Administration 2257
Baldwin Wallace

Comparing Merchandising and Manufacturing Activities  Merchandisers/Retailers o Buy finished goods o Sell finished goods  Manufacturers o Buy raw materials o Produce and sell finished goods  Merchandiser Balance Sheet o Cash o Receivables o Prepaid Expenses o Merchandise Inventory  Manufacturer Balance Sheet o Cash o Inventory  Raw Material  WIP  ? Recording and Tracking  Perpetual Tracking System  Periodic Tracking System Inventory Valuation  Inventory Valuation Methods o FIFO – First in, First out o Weighted Average Cost o Specific Identification  Lower of Cost or Market (LCM) o Conservative approach to valuing inventory o Example: Red, green and white candy canes o It begins to become questionable whether or not we can get full price for our inventory  What principle allows us
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