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Inventory and Cost of Goods Sold (Topic Outline)

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Topic Outline

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Read our In-Depth Explanation 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.

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.

Read our Bookkeeping Study Guide

Our Bookkeeping Study Guide captures the most important concepts associated with bookkeeping. Whether you are just learning or you want to refresh your skills, this guide will be a great assist on your bookkeeping journey.

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.

Solve our Word Scrambles with Coaching

This word scramble is a great way to review and retain the terminology associated with Inventory and Cost of Goods Sold. The coaching feature provides you with a brief description and an example.

Solve our Crossword Puzzle #1

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

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

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.

Take our Quick Test #3 with Coaching

This graded 20-question test provides coaching to guide you to the correct answers. Use our coaching to learn the WHY behind each answer and deepen your understanding of the topic Inventory and Cost of Goods Sold.

Earn our Inventory and Cost of Goods Sold Certificate of Achievement

As you study and review for this certificate exam, you will be deepening and reinforcing your understanding of the accounting for the purchasing and selling of goods by retailers and others. For these businesses, inventory is a critical asset, and the cost of goods sold is by far the largest expense reported on their income statements. Passing this exam demonstrates that you are aware of how the company’s elected cost flow assumption (FIFO, LIFO, or weighted average) affects profits and taxable income.

Earn our Inventory and Cost of Goods Sold Certificate of Achievement

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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