01:198:170 Lecture Notes - Lecture 8: Xbox One, Fifo (Computing And Electronics), Combined Gas And Steam

• School: Rutgers University
• Department: Computer Science
• Course: 01:198:170
• Professor: F Geraci

Document Summary

Work in process (wip)= materials in middle of conversion to an actual product. Figure out physical inventory by taking inventory - physically counting. Beginning inventory + purchases = cost of goods available for sale (cogas) Cogas ending inventory = cost of goods sold (cogs) The inventory is recorded for the person who has the legal title to the goods. Buyer picks up goods from the shipping point. Buyer owns the goods, and pays for the freight. If it is not where you are, you are paying. Seller owns the goods the whole way, seller pays for the freight. Consigned goods- you hold the good of another party and sell them for a fee. Cost includes every expenditure needed to get a good and make them ready for sale. Unit cost: used to find total cost of inventory and cogs. Company tracks cost of goods sold for every item.