Chapter 14: Inventory & Services

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Presentation transcript:

Chapter 14: Inventory & Services Copyright ©2017 by McGraw-Hill Education. All rights reserved. Copyright ©2016 McGraw-Hill Education. All rights reserved.

Inventory & Services Merchandise inventory includes all goods owned by the business and held for sale. For tracking merchandise inventory, Wendy’s Service Merchandise uses Account No. 12000, Merchandise Inventory. Sage 50 uses a perpetual inventory system. In a perpetual inventory system, a merchandising business updates inventory each time an item is purchased or sold. Inventory calculations include FIFO (first in, first out), LIFO (last in, first out), and average cost methods. Copyright ©2017 by McGraw-Hill Education. All rights reserved. Copyright ©2016 McGraw-Hill Education. All rights reserved.

Sage 50 Tips Chapters 12 and 13 must be completed before starting Chapter 14. In Chapters 12 through 15, Sage 50 uses the average inventory method. Copyright ©2017 by McGraw-Hill Education. All rights reserved. Copyright ©2016 McGraw-Hill Education. All rights reserved.

Backups and Saved Files Backup (.ptb extension) Excel (.xlsx) and Adobe (.pdf) KB Page Nos. Chapter 14 Begin.ptb 1,112 KB 526 Chapter 14.ptb 1,130 KB 539 Chapter 14_CL_VL_CGSJ_IAJ_IPR_GLTB.xlsx 30 KB Exercise 14-1.ptb 1,001 KB 542 Exercise 14-2_CRJ_PJ_CGSJ_IAJ_IPR_GLTB.xlsx 29 KB Exercise 14-2_Cash Receipts Journal.pdf 6 KB 543 Exercise 14-2_Purchase Journal.pdf Exercise 14-2_Cost of Goods Sold Journal.pdf Exercise 14-2_Inventory Adjustment Journal.pdf Exercise 14-2_Inventory Profitability Report.pdf Exercise 14-2_General Ledger Trial Balance.pdf Copyright ©2017 by McGraw-Hill Education. All rights reserved. Copyright ©2016 McGraw-Hill Education. All rights reserved.

Glossary of Terms Chapter 14 Copyright ©2017 by McGraw-Hill Education. All rights reserved. Copyright ©2016 McGraw-Hill Education. All rights reserved.

Merchandise inventory Merchandise inventory includes all goods owned by the business and held for resale. The inventory account for Wendy’s Service Merchandise is Account No. 12000, Merchandise Inventory. Copyright ©2017 by McGraw-Hill Education. All rights reserved. Copyright ©2016 McGraw-Hill Education. All rights reserved.

Merchandising business Retail stores that resell goods and/or perform services. Copyright ©2017 by McGraw-Hill Education. All rights reserved. Copyright ©2016 McGraw-Hill Education. All rights reserved.

FIFO The FIFO (first in, first out) inventory method assumes that the items in the beginning inventory are sold first. Copyright ©2017 by McGraw-Hill Education. All rights reserved. Copyright ©2016 McGraw-Hill Education. All rights reserved.

LIFO The LIFO (last in, first out) inventory method assumes that the goods received last are sold first. Copyright ©2017 by McGraw-Hill Education. All rights reserved. Copyright ©2016 McGraw-Hill Education. All rights reserved.

Inventory Adjustment In Chapter 14, you enter an inventory adjustment for damaged merchandise. Copyright ©2017 by McGraw-Hill Education. All rights reserved.

Online Learning Center Go online to www.mhhe.com/yacht2016 for additional resources. Link to Student Edition, select Chapter 14. Interactive Testing Glossary of Terms Narrated PowerPoints Assessment Rubric Going to the Net Videos QA Templates FAQs Troubleshooting Review of Accounting Principles Copyright ©2017 by McGraw-Hill Education. All rights reserved.

Going to the Net Access BizMove.com website. Scroll down the window to Merchandise Inventories: Perpetual Inventory. Answer these questions about perpetual inventory. What is a perpetual inventory at retail? When is a physical count of inventory necessary? Copyright ©2017 by McGraw-Hill Education. All rights reserved. Copyright ©2016 McGraw-Hill Education. All rights reserved.

Analysis Question Which one of Wendy’s Service Merchandise items shows the highest gross profit percentage? Why? Copyright ©2017 by McGraw-Hill Education. All rights reserved.

Navigation Center/Module Assessment Rubric Date Transaction Navigation Center/Module Task Window Journal Dr./Cr. 1/30 Two tool kits purchased from Curt Perkins Tools on 1/28 were damaged by the owner. 1/31 Cash sales in the amount of $4,752, ($4,400 plus $352 sales taxes) were deposited at First Interstate: 20 tool kits, $1,700; 18 hardware sets, 2,700. Copyright ©2017 by McGraw-Hill Education. All rights reserved.