Presentation is loading. Please wait.

Presentation is loading. Please wait.

LESSON 6-2 Inventory Costing

Published byAri Widjaja Modified over 6 years ago

Similar presentations

Presentation on theme: "LESSON 6-2 Inventory Costing"— Presentation transcript:

1 LESSON 6-2 Inventory Costing
12/9/2018 LESSON 6-2 Inventory Costing RED

2 FIRST-IN, FIRST-OUT INVENTORY COSTING METHOD
page 176 3 1 2 4 1. Assign units from most recent purchase. 2. Assign units from next most recent purchase. 3. Multiply ending inventory units by unit price. 4. Total the ending inventory columns. LESSON 6-2

3 LAST-IN, FIRST-OUT INVENTORY COSTING METHOD
page 177 3 1 2 4 1. Assign units from earliest purchase. 2. Assign units from next earliest purchase. 3. Multiply ending inventory units by unit price. 4. Total the ending inventory columns. LESSON 6-2

4 WEIGHTED-AVERAGE INVENTORY COSTING METHOD
page 177 LESSON 6-2

5 COSTING INVENTORY DURING PERIODS OF INCREASING PRICES
page 178 LESSON 6-2

6 COSTING INVENTORY DURING PERIODS OF DECREASING PRICES
page 179 LESSON 6-2

7 RESULTS OF THE THREE INVENTORY COSTING METHODS COMPARED
page 179 LESSON 6-2

8 LOWER OF COST OR MARKET INVENTORY COSTING METHOD
page 180 1 2 3 1. Calculate the cost. 2. Calculate the market price. 3. Determine the smaller number to use as the lower of cost or market amount. LESSON 6-2

9 TERMS REVIEW first-in, first-out inventory costing method
page 181 first-in, first-out inventory costing method last-in, first-out inventory costing method weighted-average inventory costing method lower of cost or market inventory costing method LESSON 6-2

Download ppt "LESSON 6-2 Inventory Costing"

Similar presentations

Reporting and Interpreting Cost of Goods Sold and Inventory Chapter 7 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.

Reporting and Interpreting Cost of Goods Sold and Inventory Chapter 7 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.
Reporting and Interpreting Cost of Goods Sold and Inventory Chapter 7 McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc.

Reporting and Interpreting Cost of Goods Sold and Inventory Chapter 7 McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc.
Chapter 8 Monthly Inventory and Monthly Food Cost

Chapter 8 Monthly Inventory and Monthly Food Cost
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 11-4 Posting Special Journal Totals to a General Ledger.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 11-4 Posting Special Journal Totals to a General Ledger.
Prepared by Charlie Cook The University of West Alabama © 2009 South-Western, a part of Cengage Learning Inventory and Turnover: Assignments Chapter 17.

Prepared by Charlie Cook The University of West Alabama © 2009 South-Western, a part of Cengage Learning Inventory and Turnover: Assignments Chapter 17.
Chapter 6 Inventories and Cost of Goods Sold. Gross Profit and Cost of Goods Sold An initial step in assessing profitability is gross profit (profit margin.

Chapter 6 Inventories and Cost of Goods Sold. Gross Profit and Cost of Goods Sold An initial step in assessing profitability is gross profit (profit margin.
Chapter Five Accounting for Inventories McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.

Chapter Five Accounting for Inventories McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.
Reporting and Interpreting Cost of Goods Sold and Inventory

Reporting and Interpreting Cost of Goods Sold and Inventory
Accounting for Inventories Inventory Systems: Inventory Systems: –Perpetual—Maintains a moving inventory balance (i.e., Merchandise inventory increases.

Accounting for Inventories Inventory Systems: Inventory Systems: –Perpetual—Maintains a moving inventory balance (i.e., Merchandise inventory increases.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 6-2 Inventory Costing.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 6-2 Inventory Costing.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 6-2 Inventory Costing FIFO inventory costing method LIFO inventory costing method Weighted-average.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 6-2 Inventory Costing FIFO inventory costing method LIFO inventory costing method Weighted-average.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 19-1 Determining the Quantity of Merchandise Inventory.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 19-1 Determining the Quantity of Merchandise Inventory.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 6-1 The Nature of Merchandise Inventory.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 6-1 The Nature of Merchandise Inventory.
Inventory Costing using FIFO, LIFO and AVERAGE Costing Methods 5-1 Calculate the following: CGS, Gross Profit and Ending Inventory under FIFO, LIFO and.

Inventory Costing using FIFO, LIFO and AVERAGE Costing Methods 5-1 Calculate the following: CGS, Gross Profit and Ending Inventory under FIFO, LIFO and.
Calculating Percentages using a Calculator © T Madas.

Calculating Percentages using a Calculator © T Madas.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 13-1 Work Sheet for a Corporation.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 13-1 Work Sheet for a Corporation.
© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO2 Calculate the cost of merchandise inventory.

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO2 Calculate the cost of merchandise inventory.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 6-3 Estimating the Inventory Gross profit method of estimating inventory Retail method.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 6-3 Estimating the Inventory Gross profit method of estimating inventory Retail method.
Chapter 22: Accounting for Inventory By: Audrey Marshall.

Chapter 22: Accounting for Inventory By: Audrey Marshall.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 6-1 The Nature of Merchandise Inventory.

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

Similar presentations

Ads by Google