MGMT 30A Chapter Notes - Chapter 6: Inventory Turnover

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20 Jul 2016
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Manufacturing company three classifications: o raw materials: work in process o finished goods. Perpetual system o check accuracy of inventory records. Taken: when the business is closed or when business is slow o at the end of the accounting period. Goods in transit o o purchased goods not yet received sold goods not yet delivered. Goods in transit should be included in the inventory of the buyers when the: terms of sale are. Consigned goods to hold goods of other parties and try to sell the goods for them for a fee, but without taking ownership of the goods ex. car, boat. First-in, first-out (fifo) least cost of goods sold cost of the earliest goods purchased are the first to be recognized in determining cost of goods sold. Last-in, first-out (lifo) highest cost of goods sold costs of the latest goods purchased are the first to be recognized in determining costs of goods sold.

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