Financial Accounting and Accounting Standards

1. Chapter 6
2. index 2
3. Slide 1
4. Slide 1
5. Slide 1
6. Slide 1
7. Chapter 6
8. Preview of Chapter 6
9. Classifying Inventory
10. Preview of Chapter 6
11. Classifying Inventory
12. Slide 5
13. Physical Inventory taken for two reasons:
14. Chapter 6
15. Preview of Chapter 6
16. Classifying Inventory
17. Slide 5
18. Physical Inventory taken for two reasons:
19. Taking a Physical Inventory
20. Slide 8
21. Determining Ownership of Goods
22. Goods in Transit
23. Question
24. Determining Inventory Quantities
25. Slide 13
26. Unit costs can be applied to quantities on hand using the following costing methods:Specific IdentificationFirst-in, first-out (FIFO)Average-cost
27. Illustration: Crivitz TV Company purchases three identical 50-inch TVs on different dates at costs of £700, £750, and £800. During the year Crivitz sold two sets at £1,200 each. These facts are summarized below.
28. Specific Identification
29. Inventory Costing
30. Inventory Costing
31. Illustration: Data for Lin Electronics’ Astro condensers.
32. First-In-First-Out (FIFO)
33. First-In-First-Out (FIFO)
34. Inventory Costing
35. Inventory Costing
36. Inventory Costing
37. Inventory Costing
38. Financial Statement and Tax Effects
39. Question
40. Slide 28