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8.0 A Brief Look Inside Merchandise Inventory
An overview of this comprehensive module including a clear explanation of the two types of systems, seven methods of inventory accounting on one sheet and an in depth discussion of issues, impacts and topics.
8.1 Overview of Key Issues and Terminology of Merchandise Inventory
This module is all about the Use transaction in context of terminology and the operating cycle.
8.2 Perpetual vs. Periodic Inventory Systems
A side by side comparison of Beep and Cheap systems explains the fundamental differences.
8.3 Specific Identification
Begin the seven method comparison with the most straightforward but expensive method of inventory accounting, then practice.
8.4 FIFO Periodic and LIFO Periodic
Continue by comparing two periodic methods then practice.
8.5 FIFO Perpetual and LIFO Perpetual
Continue by comparing two perpetual methods then practice.
8.6 Average Cost Periodic and Perpetual
Complete the sheet with two average cost methods then practice.
8.7 FIFO and LIFO Layers - Multiple Unit Purchases and Sales
Build on your knowledge of singles to multiple units in layers.
8.8 Management and Financial Statement Topics
A complete but concise discussion of management issues, internal controls, financial statement impacts, correcting errors and ratio analysis.