Accounting for Inventory and Cost of Goo...
Lynch, Luann J., B...
Accounting for Inventory and Cost of Goods Sold Expense
Lynch, Luann J.; Benazzo, Jack
C-2474 | Published February 21, 2024 | 11 pages Technical Note
Collection: Darden School of Business
Product Details
This technical note provides an overview of accounting for inventory and cost of goods sold expense. It discusses accounting for the purchase and sale of inventory, periodic and perpetual inventory systems, inventory write-downs, and alternative inventory costing methods. It also discusses the use of the LIFO Reserve to adjust financial statements prepared using the LIFO method of inventory valuation to an “as-if” FIFO basis, illustrating those adjustments with an example.
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