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Merchandising transaction including purchase and sale of inventory, discounts, and returns. FIFO, LIFO, Average Methods
What you’ll learn
First In First Out (FIFO) cost flow method
Last In First Out (LIFO) cost flow method
Weighted average cost flow method
Periodic inventory method
Perpetual inventory method
Record purchase of merchandise
Record the sale of merchandise
Perpetual and periodic inventory systems
We cover merchandising transactions and cost flow assumptions.
Merchandising transaction, those transaction that deal with inventory, including the purchase of inventory and the sale of inventory. We will discuss related topics including sales discounts, purchase discounts, sales return and allowances, shrinkage and the cost of goods sold calculation. We will also compare and contrast a perpetual inventory system and periodic inventory system, listing and describing the pros and cons of each, explaining when each may be most appropriate in practice.
Inventory costs and cost flows, including what is included in the cost of inventory and how to account for inventory freight costs, inventory insurance costs, and discount. We also discuss inventory flow assumptions including specific identification, first in first out (FIFO), last in first out (LIFO), and weighted average methods. FIFO, LIFO and weighted average methods will be discussed using both a periodic inventory system and a perpetual inventory system.
In addition to instructional video, this course will include downloadable
• Downloadable PDF Files
• Excel Practice Files
• Multiple Choice Practice Questions
• Short Calculation Practice Questions
• Discussion Questions
The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.
Excel practice files will be preformatted so that we can focus on the adjusting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.
Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple choice questions and discussing how to approach these questions.
Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.
Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.
Who will we be learning from?
You will be learning from somebody who has technical experience in accounting concepts and in accounting software like QuickBooks, as well as experience teaching and putting together curriculum.
You will be learning from somebody who is a:
• CPA – Certified Public Accountant
• CGMA – Chartered Global Management Accountant
• Master of Science in Taxation
• CPS – Certifies Post-Secondary Instructor
• Curriculum Development Export
As a practicing CPA the instructor has worked with many technical accounting issues and helped work through them and discuss them with clients of all levels.
As a CPS and professor, the instructor has taught many accounting classes and worked with many students in the fields of accounting, business, and business applications.
The instructor also has a lot of experience designing courses and learning how students learn best and how to help students achieve their objectives. Experience designing technical courses has also benefit in being able to design a course in a logical fashion and deal with problems related to technical topics and the use of software like QuickBooks Pro.
Summary of what will be covered:
- Merchandising Transaction
- Purchase of merchandise or inventory
- Sale of merchandise or inventory
- Perpetual and Periodic Inventory System
- We will compare and contrast the perpetual and periodic inventory systems.
- Sales Discount & Purchase Discount
- It is easy to get the sales discount and purchase discount confused and mixed up. We will discuss both transactions and how to record them.
- Inventory Shrinkage & Sales Returns.
- Inventory Shrinkage has do do will loss of inventory, the problem being how to know it is lost and how to record the loss. Sales return are when inventory is returned after a sale. We will record transactions related to sales returns.
- Financial Statements – Merchandising Company
- Financial statements, especially the income statement, are typically more complex for merchandising companies then service companies.
- Comprehensive Problems
- We will have to comprehensive problems, on focused on financial transactions, more of a mid sized problem. The second comprehensive problem will cover the full accounting cycle for a merchandising company, the recording of financial transaction, adjusting entries, financial statements, and closing process.
- Inventory Tracking methods
- Specific identification method
- First in first out (FIFO) method
- Last in first out (LIFO) method
- Weighted average method
- Inventory costs
- Purchase discounts
- Periodic system verses a perpetual system.
- We discuss FIFO, LIFO, and weighted average under each system.
- Key definitions
- Comprehensive problem
- Accounting students
- Business owner
- Anyone who whats to learn accounting
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