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BUS 322 (2)
Chapter 8

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Business Administration
BUS 322
Maureen Fizzell

Chapter 8 Inventories p452 1 held for sale in the ordinary course of business 2 in the process of production for such sale 3 in the form of materials or supplies to be consumed in the production process or in the rendering of services Manufacturers inventories raw materials work in process finished goodsp453Amounts for goods and materials that are on hand but have not yet gone into production are raw material inventory p453workinprocess inventory the cost of the raw material on which production has started but is not yet complete plus the direct labour cost applied specifically to this material and its applicable share of manufacturing overhead costs p453cost of goods available for sale or use is the total of the cost of the goods on hand at the beginning of the period and the cost of the goods acquired or produced during the period p455cost of goods sold is the difference between those available for sale during the period and those on hand at the end of the period p455p456 fob shipping point buyers at time of delivery to common carrier consignment goods sellerssales with buybacks sellerssales with high rate of return buyers if returns can be estimated sales with delayed credit terms buyers if collectibility can be estimatedcutoff schedule p457 1 curtailing and controlling the receipt and shipment of goods around the time of the count 2 marking freight and shipping documents as before and after the inveentory count 3 ensuring that receiving reports on goods received before the count are linked to invoices that are also recorded in the same periodbuyback agreementproduct financing arrangement if the risks and rewards of ownership have not been transferred the inventory should remain on the sellers books p457Sales with high rates of return if a reasonable prediction of the returns can be
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