Business Administration 2257 Final: April Exam Cheat Sheet
8 Dec 2013
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Date owned (if owned last year or this year do not put it on your books) Gross invoice, freight (only for fob sp), duties] (dr inventory and cr ap or cash +), discounts (cr inventory, dr ap) Returns/allowances (dr cr inventory dr ap) (all in the same transaction) total cost, cost/unit, #/unit. Look in footnotes/case for date discount period starts; for how you pay transport/duties/taxes (i. e. may pay transport company in cash upon arrival or may go into ap +); what a company refunds in a return/allowance. When calculating cost/unit, keep in mind any returns; calculate to three decimal places. If doing return, don"t get discount on gross invoice for returned items as well (calculate new gi) Ending balance: specific identification they tell you how many units you have left from each order. > multiply this by unit cost of order then add. Order #4 in transit so not included in this physical count.
