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