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Inventory Accuracy and Tracking System

Learn about periodic and perpetual inventory methods, inventory records, stock records, and how to determine the quantity and cost of merchandise inventory.

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Inventory Accuracy and Tracking System

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  1. LESSON 19-1 Determining the Quantity of Merchandise Inventory

  2. TERMS REVIEW page 568 • periodic inventory – counting, weighing, or measuring items on hand. • Taken at least once a year – “physical” count inventory • perpetual inventory – keeping a continuous record of increases and decreases and balance on hand. • Aka - “book” inventory • Examples – WalMart, Weis, Giant, Target, etc. • inventory record • Used for periodic inventories • Shows inventory and cost amount of merchandise • stock record – used to show quantity, amount sold and amount on hand • Used as a “reordering point” • stock ledger - - a file of stock records for all merchandise on hand. LESSON 19-1

  3. INVENTORY RECORD page 566 1 3 2 1. Write the stock number and description before the periodic inventory begins. 2. Write the actual count in the No. of Units on Hand column. 3. Write the unit price and calculate the total cost after the physical inventory is completed. LESSON 19-1

  4. STOCK RECORD page 567 1 3 2 1. Purchase information 2. Sales information 3. New balance on hand (add increases, subtract decreases). LESSON 19-1

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