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 1 and 2 together
Additional Review and Practice:
Read 396-401
Questions 1-17
Exercises 2-5