Fall Fair Celebrations – Chapter 4-5 – Wednesday October 2nd

These are questions that I am fond of: 1.) E4-3 Page 183 (Closing Entries) 2.) E5-2,3,4,5,6 (Journal Entries for a merchandising business using the perpetual system) 3.) E5-11 (Gross Profit Margin, Profit Margin) 4.) E4-10 (Focus on: Working Capital, Current Ratio, Acid Test Ratio, Gross Profit Margin, Profit Margin) Test Format: Multiple Choice 4 Accounting Problems

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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: pixabay.com

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The Periodic vs Perpetual Inventory System

Questions to focus on: In what ways does a merchandising business differ from a service business? How is the business cycle different for each? Why is merchandise inventory such an important account? How is merchandise inventory presented on both the balance sheet and income statement? What are the limitations of the periodic system? What types of companies would benefit from […]

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