Inventory Accounting

  • 7 Posts
  • 3 Sections
  • 1 Types
Revenue and Expenses
Cost of Goods Sold
Financial Accounting Inventory Accounting
Direct cost assigned to the inventory items sold during a period, reported against revenue on the income statement.
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Inventory and Cost Accounting
FIFO
Inventory Accounting Financial Reporting
Inventory cost-flow assumption that assigns the oldest recorded costs to units sold first.
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Inventory and Cost Accounting
Inventory
Inventory Accounting Financial Accounting
Goods held for sale, in production, or to be consumed in producing goods for sale, recorded as an asset until recognized through sale or use.
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Ratios and Analysis
Inventory Turnover
Ratios and Analysis Inventory Accounting
Ratio measuring how many times inventory is sold or used over a period relative to average inventory.
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Inventory and Cost Accounting
LIFO
Inventory Accounting Accounting Standards
Inventory cost-flow assumption that assigns the newest recorded costs to units sold first.
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Inventory and Cost Accounting
Weighted Average Cost
Inventory Accounting Financial Reporting
Inventory-costing method that assigns an average cost to units available for sale rather than separating old and new layers.
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Inventory and Cost Accounting
Work in Progress
Inventory Accounting Cost Accounting
Partially completed inventory that has entered production but is not yet ready for sale as finished goods.
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