CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 6-1 The Nature of Merchandise Inventory.

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LESSON 6-1 The Nature of Merchandise Inventory

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LESSON 19-1 Determining the Quantity of Merchandise Inventory

LESSON 19-1 Determining the Quantity of Merchandise Inventory

© 2015 Cengage Learning. All Rights Reserved.

© 2014 Cengage Learning. All Rights Reserved.

© 2014 Cengage Learning. All Rights Reserved.

ESTIMATING ENDING MERCHANDISE INVENTORY

© 2014 Cengage Learning. All Rights Reserved.

LESSON 4-2 Interim Departmental Statement of Gross Profit

FLOW OF INVENTORY COSTS

Accounting for Inventory

Determining the Quantity of Merchandise Inventory

© 2014 Cengage Learning. All Rights Reserved.

Accounting for Inventory

© 2014 Cengage Learning. All Rights Reserved.

Presentation transcript:

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 6-1 The Nature of Merchandise Inventory

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 LESSON 6-1 Cost of Merchandise Available for Sale Beginning Merchandise Inventory Net Purchases Ending Merchandise Inventory Cost of Merchandise Sold FLOW OF INVENTORY COSTS page 171

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 6-1 EFFECTS OF ERRORS IN COSTING AN INVENTORY page 171

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON Enter all purchase transactions. 3.Record all sales transactions. STOCK RECORD FOR A PERPETUAL INVENTORY SYSTEM page Record the description information. 2.Write the beginning quantity. 3 2

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON Enter inventory date and item description. 2.Record stock numbers and descriptions. 3.Write the number of units on hand. 4.Record the unit price. 5.Calculate and record the total item cost. 6.Total the column. INVENTORY RECORD USED FOR THE PERIODIC INVENTORY page

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 6-1 TERMS REVIEW consignment consignee consignor stock record stock ledger purchase order inventory record page 175