Inventory Flashcards by Tyler Truman

Q

Beginning inventory + net purchases =

A

Cost of goods available for sale

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Q

Cogs formula

A

Beginning inventory + net purchase - ending inventory

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Q

Periodic inventory system

A

Inventory determined by physical count

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Q

Perpetual inventory system

A

Recorded as a debit to inventory, real time count

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Q

Perpetual time of purchase J

A

D: Inventory
C: AP or Cash

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Q

Perpetual at time of sale JE (first one)

A

D: ar or cash
C: Sales revenue

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Q

2nd Je for at time of sale perpetual

A

D: Cogs
C: Inventory

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Q

Periodic at time of purchase JE

A

D: Purchases
C: AP or cash

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Q

Periodic at time of sale JE

A

D: AR or Cash
C: Sales revenue

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Q

Periodic at year end JE

A

D: Ending inventory
D: COGS
Credit: Purchases

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Q

FIFO impact on cogs

A

Lower

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Q

Fifo impact on net income

A

Higher

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Q

Lifo impact on cogs

A

Higher

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Q

LIFO impact on net income

A

Lower

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Q

Treatment for goods held on consignment

A

Included in ending inventory of the consignor

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