Inventory & Cost of Goods Sold
8 important questions on Inventory & Cost of Goods Sold
When is the periodic inventory system used?
For inexpensive goods with a high quantity.
What is the perpetual inventory system?
A computer system to keep a running record of inventory on hand.
How to record a sale transaction while using the perpetual system?
- Debit cash or accounts receivable
- Credit Sales revenue for the sale price
- Debit Cost of Goods sold
- Credit inventory for the cost price
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What is a Freight-in?
The transportation costs, paid by the buyer, under terms FOB shipping point, to move goods from the seller to the buyer.
What is a debit memorandum?
Accounts payable are reduced (debited) for the amount of return.
What is a purchase discount?
A decrease in the buyers cost of inventory earned by paying quickly.
In which of the three inventory costs methods are the Ending inventory costs the lowest, in case of inventory costs are decreasing?
FIFO, because it is based on the most recent costs, which are low.
What does the comparability principle mean?
States that businesses should use the same accounting methods and procedures from period to period to make it easier to compare the results over years.
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