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Boundless Lecture Slides

Boundless Lecture Slides. Available on the Boundless Teaching Platform. Free to share, print, make copies and changes. Get yours at www.boundless.com. Using Boundless Presentations. Boundless Teaching Platform

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Boundless Lecture Slides

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  1. Boundless Lecture Slides Available on the Boundless Teaching Platform Free to share, print, make copies and changes. Get yours at www.boundless.com

  2. Using Boundless Presentations Boundless Teaching Platform Boundless empowers educators to engage their students with affordable, customizable textbooks and intuitive teaching tools. The free Boundless Teaching Platform gives educators the ability to customize textbooks in more than 20 subjects that align to hundreds of popular titles. Get started by using high quality Boundless books, or make switching to our platform easier by building from Boundless content pre-organized to match the assigned textbook. This platform gives educators the tools they need to assign readings and assessments, monitor student activity, and lead their classes with pre-made teaching resources. Get started now at: • The Appendix The appendix is for you to use to add depth and breadth to your lectures. You can simply drag and drop slides from the appendix into the main presentation to make for a richer lecture experience. http://boundless.com/teaching-platform • Free to edit, share, and copy Feel free to edit, share, and make as many copies of the Boundless presentations as you like. We encourage you to take these presentations and make them your own. If you have any questions or problems please email: educators@boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com

  3. About Boundless • Boundless is an innovative technology company making education more affordable and accessible for students everywhere. The company creates the world’s best open educational content in 20+ subjects that align to more than 1,000 popular college textbooks. Boundless integrates learning technology into all its premium books to help students study more efficiently at a fraction of the cost of traditional textbooks. The company also empowers educators to engage their students more effectively through customizable books and intuitive teaching tools as part of the Boundless Teaching Platform. More than 2 million learners access Boundless free and premium content each month across the company’s wide distribution platforms, including its website, iOS apps, Kindle books, and iBooks. To get started learning or teaching with Boundless, visit boundless.com. Free to share, print, make copies and changes. Get yours at www.boundless.com

  4. Understanding Inventory Controlling and Reporting of Inventories Controlling Inventory Valuing Inventory Detail on Using LIFO ] Additional Topics in Inventory Valuation Controlling and Reporting of Inventories Free to share, print, make copies and changes. Get yours at www.boundless.com

  5. Assessing Inventory Management Controlling and Reporting of Inventories(continued) Reporting and Analyzing Inventories ] Controlling and Reporting of Inventories Free to share, print, make copies and changes. Get yours at www.boundless.com

  6. Controlling and Reporting of Inventories > Understanding Inventory Understanding Inventory • Nature of Inventory • Categories of Goods Included in Inventory • Components of Inventory Cost • Flow of Inventory Costs Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/controlling-and-reporting-of-inventories-5/understanding-inventory-34/

  7. Controlling and Reporting of Inventories > Controlling Inventory Controlling Inventory • Internal Controls • Perpetual vs. Periodic Counting • Conducting a Physical Inventory • Impact of Measurement Error Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/controlling-and-reporting-of-inventories-5/controlling-inventory-35/

  8. Controlling and Reporting of Inventories > Valuing Inventory Valuing Inventory • Costing Methods Overview • Specific Identification Method • Cost Flow Assumptions • Average Cost Method • FIFO Method • LIFO Method • Gross Profit Method • Selecting an Inventory Method • Impacts of Costing Methods on Financial Statements Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/controlling-and-reporting-of-inventories-5/valuing-inventory-36/

  9. Controlling and Reporting of Inventories > Detail on Using LIFO Detail on Using LIFO • The LIFO Reserve • Comparability • Liquidation • Dollar-Value LIFO • Advantages of LIFO • Disadvantages of LIFO Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/controlling-and-reporting-of-inventories-5/detail-on-using-lifo-37/

  10. Controlling and Reporting of Inventories > Additional Topics in Inventory Valuation Additional Topics in Inventory Valuation • Lower of Cost or Market • Methods in Retail Inventory Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/controlling-and-reporting-of-inventories-5/additional-topics-in-inventory-valuation-38/

  11. Controlling and Reporting of Inventories > Assessing Inventory Management Assessing Inventory Management • Efficiency Metrics • Impact of Inventory Method on Financial Statement Analysis Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/controlling-and-reporting-of-inventories-5/assessing-inventory-management-39/

  12. Controlling and Reporting of Inventories > Reporting and Analyzing Inventories Reporting and Analyzing Inventories • Reporting Inventories • Inventory Turnover Ratio • Adjusting for LIFO Reserve Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/controlling-and-reporting-of-inventories-5/reporting-and-analyzing-inventories-40/

  13. Appendix Free to share, print, make copies and changes. Get yours at www.boundless.com

  14. Controlling and Reporting of Inventories Key terms • accountingThe development and use of a system for recording and analyzing the financial transactions and financial status of a business or other organization. • accountingThe development and use of a system for recording and analyzing the financial transactions and financial status of a business or other organization. • accountingThe development and use of a system for recording and analyzing the financial transactions and financial status of a business or other organization. • adjustmenta small change; a minor correction; a modification • assumptionThe thing supposed; a postulate, or proposition assumed; a supposition. • average collection period365 divided by the receivables turnover ratio • balance sheetA summary of a person's or organization's assets, liabilities. and equity as of a specific date. • balance sheetA balance sheet is often described as a "snapshot of a company's financial condition. " A standard company balance sheet has three parts: assets, liabilities, and ownership equity. • breakageSomething that has been broken. • COGSCOGS (cost of goods sold) is the inventory costs of those goods a business has sold during a particular period. • COGSCOGS (cost of goods sold) is the inventory costs of those goods a business has sold during a particular period. • COGSCOGS (cost of goods sold) is the inventory costs of those goods a business has sold during a particular period. Free to share, print, make copies and changes. Get yours at www.boundless.com

  15. Controlling and Reporting of Inventories • comparabilityComparison or equivalence. • Cost of Goods Soldrefers to the inventory costs of the goods a business has sold during a particular period (sometimes abbreviated as COGS). • costingThe estimation of the cost of a process or product. • creditorA person to whom a debt is owed. • cycle countingA cycle count is an inventory auditing procedure, which falls under inventory management, where a small subset of inventory, in a specific location, is counted on a specified day. Cycle counts contrast with traditional physical inventory in that a full physical inventory may stop operation at a facility while all items are counted at one time. Cycle counts are less disruptive to daily operations, provide an ongoing measure of inventory accuracy and procedure execution, and can be tailored to focus on items with higher value, higher movement volume, or that are critical to business processes. • cycle countsProcess by which an auditor selects a small subset of inventory and counts it to ensure that it matches the information in the company's inventory management system. Meant to test the accuracy of inventory system. • depreciable costoriginal cost minus salvage value • ending inventoryEnding inventory is the amount of inventory a company have in stock at the end of this fiscal year. • FIFOFirst in, first out (accounting). • FIFOFirst in, first out (accounting). • FIFOFirst in, first out (accounting). • Finished goodsGoods that are completed, from a manufacturing standpoint, but not yet sold or distributed to the end-user. Free to share, print, make copies and changes. Get yours at www.boundless.com

  16. Controlling and Reporting of Inventories • finished goods inventorythe amount of completed products not yet sold or distributed to the end-user • gross profitThe difference between net sales and the cost of goods sold. • gross profitThe difference between net sales and the cost of goods sold. • historical costThe original monetary value of an economic item and based on the stable measuring unit assumption. Improvements may be added to an asset's cost. • income statementDisplays the revenues recognized for a specific period and the cost and expenses charged against these revenues, including write-offs (e.g., depreciation and amortization of various assets) and taxes. The purpose of the income statement is to show managers and investors whether the company made or lost money during the reporting period. • income statementA calculation which shows the profit or loss of an accounting unit (company, municipality, foundation, etc.) during a specific period of time, providing a summary of how the profit or loss is calculated from gross revenue and expenses. • inflationAn increase in the quantity of money, leading to a devaluation of existing money. • inflationAn increase in the quantity of money, leading to a devaluation of existing money. • inflationAn increase in the quantity of money, leading to a devaluation of existing money. • internal auditorone who conducts an independent, objective assurance and consulting activity designed to add value and improve an organization's operations • inventoryA detailed list of all of the items on hand. • inventoryA detailed list of all of the items on hand. Free to share, print, make copies and changes. Get yours at www.boundless.com

  17. Controlling and Reporting of Inventories • inventoryA detailed list of all of the items on hand. • inventoryA detailed list of all of the items on hand. • inventoryA detailed list of all of the items on hand. • inventoryInventory includes goods ready for sale, as well as raw material and partially completed products that will be for sale when they are completed. • inventoryA detailed list of all of the items on hand. • inventoryA detailed list of all of the items on hand. • inventoryA detailed list of all of the items on hand. • inventoryA detailed list of all of the items on hand. • inventoryA detailed list of all of the items on hand. • laborEffort expended on a particular task; toil, work. • LIFOLast-in, first-out (accounting). • LIFOLast-in, first-out (accounting). Free to share, print, make copies and changes. Get yours at www.boundless.com

  18. Controlling and Reporting of Inventories • LIFOLast-in, first-out (accounting). • LIFOLast-in, first-out (accounting). • LIFOLast-in, first-out (accounting). • LIFOLast-in, first-out (accounting). • LIFOLast-in, first-out (accounting). • LIFOLast-in, first-out (accounting). • LIFO reserveThe amount by which an entity's taxable income has been deferred by using the LIFO method.LIFO Reserve = FIFO Valuation - LIFO Valuation • liquidationThe selling of the assets of a business as part of the process of dissolving it. • liquidityAn asset's property of being able to be sold without affecting its value; the degree to which it can be easily converted into cash. • market priceThe price at which a product, financial instrument, service or other tradable item can be bought and sold at an open market; the going price. • market valueThe price which a seller or insurer might reasonably expect to fetch for goods, services or securities on the open market. • monetaryOf, pertaining to, or consisting of money. Free to share, print, make copies and changes. Get yours at www.boundless.com

  19. Controlling and Reporting of Inventories • net incomeGross profit minus operating expenses and taxes. • obsolescenceThe process of becoming obsolete, outmoded, or out of date. • overheadAny cost or expenditure (monetary, time, effort or otherwise) incurred in a project or activity, that does not directly contribute to the progress or outcome of the project or activity. • periodic inventory systemaccounting for goods and materials held for eventual sale that is not continually updated • perpetualContinuing uninterrupted • perpetual inventory systemPerpetual inventory or continuous inventory updates information on inventory quantity and availability on a continuous basis as a function of doing business. Generally this is accomplished by connecting the inventory system with order entry and in retail the point of sale system. • phantom inventoryPhantom inventory is a common expression for goods that an inventory accounting system considers to be on-hand at a storage location, but are not actually available. This could be due to the items being moved without recording the change in the inventory accounting system, breakage, theft data entry errors or deliberate fraud. The resulting discrepancy between the online inventory balance and physical availability can delay automated reordering and lead to out-of-stock incidents. If not addressed, phantom inventory can also result in broader accounting issues and restatements. • physical inventory countPhysical inventory is a process where a business physically counts its entire inventory. A physical inventory may be mandated by financial accounting rules or the tax regulations to place an accurate value on the inventory, or the business may need to count inventory so component parts or raw materials can be restocked. Businesses may use several different tactics to minimize the disruption caused by physical inventory. • purchase priceThe price at which something is actually purchased, especially from the point of view of the purchaser. • raw materialA material in its unprocessed, natural state considered usable for manufacture. • raw materialsA raw material is the basic material from which a product is manufactured or made. • raw materialsA raw material is the basic material from which a product is manufactured or made. Free to share, print, make copies and changes. Get yours at www.boundless.com

  20. Controlling and Reporting of Inventories • raw materialsA raw material is the basic material from which a product is manufactured or made. • serial numberA unique number, assigned to a particular unit of some product, to identify it. • shareholderOne who owns shares of stock. • shortagea lack or deficiency • specific identification methodinventory measurement based on the exact number of goods in inventory and their purchase price • stated valuepar value • supply chainA system of organizations, people, technology, activities, information and resources involved in moving a product or service from supplier to customer. • turnoverThe number of times a stock is replaced after being used or sold, a worker is replaced after leaving, or a property changes hands • valuationThe process of estimating the market value of a financial asset or liability. • weighted averageAn arithmetic mean of values biased according to agreed weightings. • Work in processa company's partially finished goods waiting for completion and eventual sale or the value of these items • work in progressA portion of inventory that represents goods which are no longer salable as raw materials, but not yet salable as finished goods. Free to share, print, make copies and changes. Get yours at www.boundless.com

  21. Controlling and Reporting of Inventories Businesses need to manage their inventories. Here a woman is checking stock of certain items to maintain an accurate record for dollars of inventory in stock. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Clerk inventory."Public domainhttp://commons.wikimedia.org/wiki/File:Clerk_inventory.JPGView on Boundless.com

  22. Controlling and Reporting of Inventories Businesses need to manage their inventories. Here a woman is checking stock of certain items to maintain an accurate record for dollars of inventory in stock. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Clerk inventory."Public domainhttp://commons.wikimedia.org/wiki/File:Clerk_inventory.JPGView on Boundless.com

  23. Controlling and Reporting of Inventories Seasonal Inventory Valuing inventory using the LIFO method. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."Inventory for seasonal decoration | Flickr - Photo Sharing!."CC BYhttp://www.flickr.com/photos/gastev/3460102542/View on Boundless.com

  24. Controlling and Reporting of Inventories Inventory Template Example of inventory template. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."Inventory Template | Flickr - Photo Sharing!."CC BY-SAhttp://www.flickr.com/photos/ivanwalsh/3674056945/View on Boundless.com

  25. Controlling and Reporting of Inventories Inventory Inventory appears as an asset on the balance sheet. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."All sizes | set | Flickr - Photo Sharing!."CC BY-SAhttp://www.flickr.com/photos/hospi-table/1194389542/sizes/o/View on Boundless.com

  26. Controlling and Reporting of Inventories Housing inventory growth in Phoenix There was an interesting comment on the housing bubble blog listing "available inventory", otherwise known as the number of houses currently for sale, in Phoenix. It listed the available inventory on a daily basis from 7/20/2006 to 5/9/2006 (up to the day it was posted! )Phoenix is one of the "hot" markets of the housing bubble, but certainly isn't the top of the list. Inventory run ups like this are being seen nation wide, and are leading to price reductions (if the seller is smart) and long waits to sell as bubble flippers all try to cash out at once. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."Housing inventory growth in Phoenix | Flickr - Photo Sharing!."CC BY-SAhttp://www.flickr.com/photos/ericskiff/145095429/View on Boundless.com

  27. Controlling and Reporting of Inventories Keeping track of Inventory Clerk conducting physical inventory count using a handheld computer in a Tesco Lotus supermarket in Sakon Nakhon, Thailand Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Clerk inventory."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Clerk_inventory.JPGView on Boundless.com

  28. Controlling and Reporting of Inventories Physical inventory Female clerk doing inventory work using a handheld computer in a Tesco Lotus supermarket in Sakon Nakhon, Thailand Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Clerk inventory."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Clerk_inventory.JPGView on Boundless.com

  29. Controlling and Reporting of Inventories A company's inventory is a valuable asset. An inventory control system ensures that the company's books reflect the actual inventory on hand. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."All sizes | Inventory for seasonal decoration | Flickr - Photo Sharing!."CC BYhttp://www.flickr.com/photos/gastev/3460102542/sizes/l/View on Boundless.com

  30. Controlling and Reporting of Inventories Inventory Template Example of inventory template. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."Inventory Template | Flickr - Photo Sharing!."CC BY-SAhttp://www.flickr.com/photos/ivanwalsh/3674056945/View on Boundless.com

  31. Controlling and Reporting of Inventories Seasonal Inventory Valuing inventory using the LIFO method. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."Inventory for seasonal decoration | Flickr - Photo Sharing!."CC BYhttp://www.flickr.com/photos/gastev/3460102542/View on Boundless.com

  32. Controlling and Reporting of Inventories Efficient use of inventory is critical for businesses. Picture of inventory at a business. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."Quattro Vino | Flickr - Photo Sharing!."CC BYhttp://www.flickr.com/photos/pdsphil/224028208/lightbox/View on Boundless.com

  33. Controlling and Reporting of Inventories Accounting Cycle The accounting cycle (flows). Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Accounting cycle."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Accounting_cycle.gifView on Boundless.com

  34. Controlling and Reporting of Inventories Efficient use of inventory is critical for businesses. Picture of inventory at a business. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."Quattro Vino | Flickr - Photo Sharing!."CC BYhttp://www.flickr.com/photos/pdsphil/224028208/lightbox/View on Boundless.com

  35. Controlling and Reporting of Inventories Inventory Inventory in a warehouse Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Warehouse."GNU FDLhttp://en.wikipedia.org/wiki/WarehouseView on Boundless.com

  36. Controlling and Reporting of Inventories Efficient use of inventory is critical for businesses. Inventory at a business. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."Quattro Vino | Flickr - Photo Sharing!."CC BYhttp://www.flickr.com/photos/pdsphil/224028208/lightbox/View on Boundless.com

  37. Controlling and Reporting of Inventories Friedrich Von Hayek Austrian economist Friedrich von Hayek, along with University of Chicago economist Milton Friedman are two classic liberal economists attributed with the return of laissez-faire economics and deregulation. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Friedrich von Hayek."GNU FDLhttp://en.wikipedia.org/wiki/Friedrich_von_HayekView on Boundless.com

  38. Controlling and Reporting of Inventories Inventory valuation method. The inventory valuation method a company chooses directly effects its financial statements. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."All sizes | Mediq Sverige Kungsbacka warehouse | Flickr - Photo Sharing!."CC BYhttp://www.flickr.com/photos/gwankho/6205837092/sizes/l/View on Boundless.com

  39. Controlling and Reporting of Inventories Accounting cycle Image of the accounting cycle Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Accounting cycle."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Accounting_cycle.gifView on Boundless.com

  40. Controlling and Reporting of Inventories Inventory. The gross profit (or gross margin) method uses the previous year's average gross profit margin (i.e. sales minus cost of goods sold divided by sales) to calculate the value of the inventory. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."All sizes | Inventory Control | Flickr - Photo Sharing!."CC BYhttp://www.flickr.com/photos/3059349393/3785406492/sizes/l/View on Boundless.com

  41. Controlling and Reporting of Inventories Determining ending inventory Determining ending inventory under weighted-average method using periodic inventory procedure Free to share, print, make copies and changes. Get yours at www.boundless.com http://www.opencollegetextbooks.org/category/accounting/.CC BYhttp://www.opencollegetextbooks.org/category/accounting/View on Boundless.com

  42. Controlling and Reporting of Inventories Businesses need to manage their inventories. Here a woman is checking stock of certain items to maintain an accurate record for dollars of inventory in stock. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Clerk inventory."Public domainhttp://commons.wikimedia.org/wiki/File:Clerk_inventory.JPGView on Boundless.com

  43. Controlling and Reporting of Inventories Specific Identification Determining ending inventory under specific identification Free to share, print, make copies and changes. Get yours at www.boundless.com http://www.opencollegetextbooks.org/category/accounting/.CC BYhttp://www.opencollegetextbooks.org/category/accounting/View on Boundless.com

  44. Controlling and Reporting of Inventories LIFO Flowchart LIFO flow of costs under periodic inventory procedure Free to share, print, make copies and changes. Get yours at www.boundless.com http://www.opencollegetextbooks.org/category/accounting/.CC BYhttp://www.opencollegetextbooks.org/category/accounting/View on Boundless.com

  45. Controlling and Reporting of Inventories LIFO inventory method Determining LIFO cost of ending inventory under periodic inventory procedure. Free to share, print, make copies and changes. Get yours at www.boundless.com http://www.opencollegetextbooks.org/category/accounting/.CC BYhttp://www.opencollegetextbooks.org/category/accounting/View on Boundless.com

  46. Controlling and Reporting of Inventories Businesses need to manage their inventories. Here a woman is checking stock of certain items to maintain an accurate record for dollars of inventory in stock. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Clerk inventory."Public domainhttp://commons.wikimedia.org/wiki/File:Clerk_inventory.JPGView on Boundless.com

  47. Controlling and Reporting of Inventories Plane liquidation Alitalia — Compagnia Aerea Italiana S.p.A. (Italian for Alitalia - Italian Air Company), is an Italian airline, which bought some assets from the liquidation process of the old Alitalia-Linee Aeree Italiane and the entire Air One. Free to share, print, make copies and changes. Get yours at www.boundless.com Fotopedia.CC BY-SAhttp://www.fotopedia.com/items/flickr-3487605452View on Boundless.com

  48. Controlling and Reporting of Inventories Periodic inventory is performed once a year. Physically counting inventory ensures that book value and physical value are the same. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."Dairy in the Walkin | Flickr - Photo Sharing!."CC BYhttp://www.flickr.com/photos/tracyhunter/121601421/View on Boundless.com

  49. Controlling and Reporting of Inventories Inventory Inventory in a warehouse. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Warehouse."GNU FDLhttp://en.wikipedia.org/wiki/WarehouseView on Boundless.com

  50. Controlling and Reporting of Inventories Attribution • Wiktionary."purchase price."CC BY-SA 3.0http://en.wiktionary.org/wiki/purchase_price • Wikipedia."Par value."CC BY-SA 3.0http://en.wikipedia.org/wiki/Par_value • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//finance/definition/market-value • Wikipedia."historical cost."CC BY-SA 3.0http://en.wikipedia.org/wiki/historical%20cost • http://www.opencollegetextbooks.org/category/accounting/.CC BYhttp://www.opencollegetextbooks.org/category/accounting/ • Wikipedia."Lower of cost or market."CC BY-SA 3.0http://en.wikipedia.org/wiki/Lower_of_cost_or_market • http://www.opencollegetextbooks.org/category/accounting/.CC BYhttp://www.opencollegetextbooks.org/category/accounting/ • Wiktionary."inflation."CC BY-SA 3.0http://en.wiktionary.org/wiki/inflation • Wiktionary."inventory."CC BY-SA 3.0http://en.wiktionary.org/wiki/inventory • Wikipedia."LIFO."CC BY-SA 3.0http://en.wikipedia.org/wiki/LIFO • Wikipedia."Cost of goods sold."CC BY-SA 3.0http://en.wikipedia.org/wiki/Cost_of_goods_sold • Wikipedia."Contra account."CC BY-SA 3.0http://en.wikipedia.org/wiki/Contra_account%23Contra_account • Wikipedia."FIFO and LIFO accounting."CC BY-SA 3.0http://en.wikipedia.org/wiki/FIFO_and_LIFO_accounting • Wikipedia."Cost of goods sold."CC BY-SA 3.0http://en.wikipedia.org/wiki/Cost_of_goods_sold%23Write-downs_and_allowances • Wiktionary."overhead."CC BY-SA 3.0http://en.wiktionary.org/wiki/overhead • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//economics/definition/labor • Wikipedia."raw materials."CC BY-SA 3.0http://en.wikipedia.org/wiki/raw%20materials Free to share, print, make copies and changes. Get yours at www.boundless.com

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