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Financial Accounting 1 > Chapter 8 - Inventories > Flashcards

Chapter 8 - Inventories Flashcards

1
Q

What counts as inventory

A

Control: Legal title/possessions
Coassignee holding consigned goods
Goods sold on repurchase agreement count as inventory

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2
Q

Magic Formula for inventory

A

Beginning Inventory
+ $Purchases
- $COGS
- $Writte-downs
= Ending Inventory

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3
Q

Buy Inventory journal entries

A

DR Purchases/Inventory
CR Cash or A/P

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4
Q

Sell inventory journal entry

A

DR COGS
CR Inventory

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5
Q

Impair inventory journal entry

A

DR Expense
CR Inventory or Allowance

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6
Q
A
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Financial Accounting 1 (2 decks)

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