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Inventory and Cost of Goods Sold (Topic Outline)

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Read our Explanation (6 Parts) Free

Our Explanation of Inventory and Cost of Goods Sold will take your understanding to a new level. You will see how the income statement and balance sheet amounts are affected by the various inventory systems and cost flow assumptions. We also show you how to estimate ending inventory amounts.

Part 1Introduction to Inventory and Cost of Goods Sold, Inventory Is Reported at Cost, Periodic vs Perpetual Inventory Systems
Part 2When a Company Purchases Identical Items at Increasing Costs, Demonstrating Cost Flow Assumptions, Inventory Systems with Cost Flow Assumptions
Part 3Periodic FIFO, Periodic LIFO, Periodic Average
Part 4Perpetual FIFO, Perpetual LIFO, Perpetual Average
Part 5Comparison of Cost Flow Assumptions, Specific Identification, LIFO Benefits Without Tracking Units, Inventory Management, Financial Ratios
Part 6Estimating Ending Inventory, Estimating Inventory: Gross Profit Method, Estimating Inventory: Retail Method
Take our Practice Quiz Free

This 20-question quiz is a fast way to assess your understanding of the Inventory and Cost of Goods Sold Explanation. It's also a great warmup for our Quick Tests.

Review our Q&A Free

We've answered 142 popular questions related to the topic Inventory and Cost of Goods Sold. Review them all or use the search box found at the top of each page of our website for your specific questions.

Review our Flashcards

Our flashcards for the topic Inventory and Cost of Goods Sold will help you master key terms and definitions. You can view them on any device or print them out.

Solve our Word Scramble Free

If you find Inventory and Cost of Goods Sold terminology difficult, this Word Scramble will provide clues (scrambled answers) to assist you.

Solve our Crossword Puzzle #1 Free

We created this crossword puzzle for you to learn, review, and retain terminology for the topic Inventory and Cost of Goods Sold in a more fun format.

Solve our Crossword Puzzle #2 Free

We created this crossword puzzle for you to learn, review, and retain terminology for the topic Inventory and Cost of Goods Sold in a more fun format.

Solve our Crossword Puzzle #3 Free

We created this crossword puzzle for you to learn, review, and retain terminology for the topic Inventory and Cost of Goods Sold in a more fun format.

Review our Sample Business Forms

Our business forms include two forms for estimating inventory amounts and two forms involve the financial ratios involving inventory. All of our business forms contain an Excel template, a blank PDF form, and a filled-in PDF form.

Review our Cheat Sheet

Our Inventory and Cost of Goods Sold Cheat Sheet highlights the cost flow assumptions available for both periodic and perpetual inventory systems. It also includes an example for estimating ending inventory.

Take our Quick Test #1

This graded 40-question test measures your understanding of the topic Inventory and Cost of Goods Sold. Discover which concepts you need to study further and enhance your long-term retention. All of our quick tests can be taken online and/or printed.

Take our Quick Test #2

This graded 20-question test measures your understanding of the topic Inventory and Cost of Goods Sold. Discover which concepts you need to study further and enhance your long-term retention. All of our quick tests can be taken online and/or printed.

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Harold Averkamp

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