April Exam Cheat Sheet

2 Pages
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Department
Business Administration
Course Code
Business Administration 2257
Professor
Alexander Miller

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Description
Adam Eliesen250558116 Inventory CHARTDate 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 CashDiscounts CR Inventory DR AP ReturnsAllowances DR CR Inventory DR AP ALL IN THE SAME TRANSACTION Total Cost CostUnit UnitLook in footnotescase for date discount period starts for how you pay transportdutiestaxesie may pay transport company in cash upon arrival or may go into APwhat a company refunds in a returnallowanceWhen calculating costunit keep in mind any returns calculate to THREE decimal placesIf doing return dont get discount on gross invoice for returned items as well Calculate new GI ENDING BALANCE 1 Specific IdentificationThey tell you how many units you have left from each order Multiply this by unit cost of order then add Note If FOB shipping point order in transit at end of year would not have them in physical count so add total cost of this order to total above 2 Weighted AVG CostUnitCOGAFSUAFS X endingof units 3 FIFOunits200300100300200 Eg Physical count350 unit Order 4 in transit so not included in this physical count Total units left350200550 200xunit cost of order 4 300 x unit cost of order 3 50 x unit cost of order 2 EB InvCOGAFSTB of Inventory UAFSstarting unitsall units purchasedall units returned NOTstolen unitsshrinkageThese give you your EB for Inventoryfind the difference between COGAFS and EB to find COGS if paying transport in cash DR full inventory in CR AP for amounttransportCR cash for transport DR inventory for full Inventory and Revenue never in the same transaction Cost vs PriceNever take cost of individual items sold out or it will be double counted in COGS Fixed As
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