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Inventory Resources

Your beginning food inventory was $26,000. You have purchased an additional $24,000 and have accepted $12,000 in transfers from other locations. In total, you sold $39,000 worth of food for the same...

Peter Company uses periodic inventory system. In the year 2015, the new financial controller of Peter Comapny discovered the following independent inventory errors when reviewing the company's accounting...

Lessons

Inventories and Cost of Goods Sold Manufacturing companies have three types of inventory: materials, work in process and finished goods. Retailers have one inventory: merchandise. In all cases, inventory is something the company will re-sell to someone else. Inventory cost is an asset until it is sold; after merchandise is sold, the cost becomes an expense, called Cost of Goods Sold (COGS).... read more