Accounting for Inventories, Part 2 (Inventory systems and cost flow assumptions)

Автор: KIKO

Загружено: 2020-10-19

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Описание:

1. Inventory Accounting Systems
2. Cost Flow Assumptions
3. Cost Formula

Correction:

For the perpetual inventory system, overages or shortages are adjusted to the Cost of Sales account. Therefore, the correct yearend adjusting entry for Star Trading using the perpetual inventory system is:
Inventory, end--------------------2,100
Cost of sales----------------------3,900 (not 3,600)
Inventory, beg-------------------------600
Purchases----------------------------5,400

Accounting for Inventories, Part 2 (Inventory systems and cost flow assumptions)

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