| 1 |
COGS and Inventory
A brief introduction to inventory, cost of goods sold, and how they relate to each other. This is meant to be a brief overview before we really dive in.
|
2:57 | |
| 2 |
Perpetual vs Periodic
The two methods of inventory tracking. And, surprise, we're going to talk some more about words.
|
7:10 | |
| 3 |
FOB Shipping?
What in the world does FOB mean? I'm not really sure, but that's ok, you wont miss any FOB questions if you can draw a line.
|
8:51 | |
| 4 |
Transportation In
Transportation in matters, but transportation out never really gets talked about. What's the deal with that?
|
8:41 | |
| 5 |
COGS
How can we figure out COGS under the periodic inventory system? By making up a formula, of course.
|
6:18 | |
| 6 |
Specific Identification
Of the inventory costing methods, specific identification is by far the easiest, and the least used.
|
2:17 | |
| 7 |
Weighted Average
Weighted average is another inventory costing method that applies a single average cost to all the units.
|
4:21 | |
| 8 |
FIFO and LIFO
FIFO and LIFO are the two most commonly used inventory costing methods. And they are also the only accounting terms that most people remember years later.
|
20:17 | |
| 9 |
Gross Profit vs Net Profit
Gross vs Net? What do those words mean? What's the difference between those two "profits"?
|
6:15 | |
| 10 |
Estimating with Gross Profit
The Gross Profit Method is a way to estimate what our Cost of Goods Sold is, without having to do a physical inventory count.
|
7:23 |
| Click Here to View All Chapter 6 Problems at Once | View | ||
| 1 | Consignment Inventory | Easy | |
| 2 | FOB Destination | Easy | |
| 3 | Inventory Set Aside | Easy | |
| 4 | Loss On Inventory | Easy | |
| 5 | FOB Shipping | Moderate | |
| 6 | FOB Shipping | Moderate | |
| 7 | Inventory Costing | Moderate | |
| 8 | The Effect of Inventory Errors | Hard |