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Ch. 5 - InventoryWorksheetSee all chapters
All Chapters
Ch. 1 - Introduction to Accounting
Ch. 2 - Transaction Analysis
Ch. 3 - Accrual Accounting Concepts
Ch. 4 - Merchandising Operations
Ch. 5 - Inventory
Ch. 6 - Internal Controls and Reporting Cash
Ch. 7 - Receivables and Investments
Ch. 8 - Long Lived Assets
Ch. 9 - Current Liabilities
Ch. 10 - Time Value of Money
Ch. 11 - Long Term Liabilities
Ch. 12 - Stockholders' Equity
Ch. 13 - Statement of Cash Flows
Ch. 14 - Financial Statement Analysis
Ch. 15 - GAAP vs IFRS
Sections
Merchandising Company vs. Manufacturing Company
Physical Inventory Count, Ownership of Goods, and Consigned Goods
Specific Identification
Periodic Inventory - FIFO, LIFO, and Average Cost
Perpetual Inventory - FIFO, LIFO, and Average Cost
Financial Statement Effects of Inventory Costing Methods
Lower of Cost or Market
Inventory Errors
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Next SectionPerpetual Inventory - FIFO, LIFO, and Average Cost
When we sell identical goods, we can choose from several inventory costing methods when calculating Cost of Goods Sold and Ending Inventory.

Concept #1: Periodic Inventory: FIFO, LIFO, and Average Cost

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Example #1: Periodic Inventory FIFO Method

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Example #2: Periodic Inventory LIFO Method

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Example #3: Periodic Inventory Average Cost Method

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Previous SectionSpecific Identification
Next SectionPerpetual Inventory - FIFO, LIFO, and Average Cost
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