All posts by Scorcia

Work Period

Practice and Review:

  • Read 396-417
  • Review Questions 1-17 Page 401, Exercise 2-5 Page 402
  • Review Questions 1-11 and Exercises 1-2 Page 406
  • Read 417-424
    Review Questions 1-15 (pg.424) Exercise 1-2,5  Page 424-427

From Previous Lessons:

  • Read 404-406
  • Review Questions 1-11 (page 406)
  • Important: Exercise 1-2 (page 407-408)
  • Read Pages 396-401
  • Complete Review Questions 1-17
  • Exercises 2,3,4

Accounting for a Merchandising Business – Inventory

Discussion:

  • What is a merchandising business?
  • How is it different from a service business?

Discussion:

  • Wholesaler vs. Retailer
    What is inventory?
  • Why is it so critical?

Discussion: Two Aspects – BS (Current Asset) and IS (COGS)
Periodic vs. Perpetual inventory systems – The Inventory Cycle
What is COGS? – calculation and using the equation
Complete Exercise 2 and 3 Page 402

Additional Review and Practice:

  1. Read 396-401
  2. Questions 1-17
  3. Exercises 2-5