Inventory Costing

Inventory Control Determining ownership- Goods on Consignment/ Goods in Transit Lower of Cost and Market The effects on the Income Statement and Balance Sheet Inventory Cost flow methods: Specific Identification, FIFO, LIFO, Average Cost Video Resources: Inventories   images:

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Closing Entries

Closing Entries Questions to focus on: Why do we need closing entries? Do we need the income summary account? How are closing entries related to the GAAPs? Review of the closing entries for a sole proprietorship Video: The Closing Entries Class Work:BE4-3 Additional Practice: E4-5

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