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Inventory 1
- 2. Where do we stand…? We are still half way!!!
- 3. What Next?
- 4. Accounting for Inventory Dr. C. P. Gupta
- 7. So, let’s start with INVENTORY…
- 12. Inventory Flow?
- 13. Flows of Inventory …A Retailer or A merchandiser Merchandise Purchases Cost of Goods Sold Merchandise Inventory Merchandiser
- 14. Flows of Inventory …A Producer or A Manufacturer Direct Labour Factory Overhead Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Manufacturer Raw Materials
- 15. Where cost flows of Inventory have impacts?
- 16. Balance Sheet… Raw Materials Work in Process Finished Goods Balance Sheet: Assets Side Manufacturing Overhead Labour
- 17. Profit and Loss Account … Profit and Loss Account: Expenses Side Opening Stock Purchases and Production and Conversions Expenses Closing Stock COST OF GOODS SOLD Raw Materials Work in Process Finished Goods Raw Materials Work in Process Finished Goods
- 18. Impact of Inventory Flow… Beginning Inventory Purchases for the Period Ending Inventory (Balance Sheet) Goods Available for Sale Cost of Goods Sold (Income Statement) + +
- 19. When to record Inventory in books of accounts?
- 26. What costs to be included in inventory?
- 34. What are inventory systems?
- 35. The issue of Inventory System is … … should we record transactions related to inventory INSTANTANEOUSLY or PERIODICALLY ?
- 36. If we record transactions related to inventory INSTANTANEOUSLY, then we are using a System of Inventory which is known as … PERPETUAL INVENTORY SYSTEM
- 37. And, if we are recording transactions related to inventory periodically then, it is called … PERIODIC INVENTORY SYSTEM .