Inventory & Merchandising Transactions-Excel Practice Proble

Merchandising transaction - bookkeeping including purchase and sale of inventory, discounts, and returns. FIFO, LIFO,

Created by: Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI

What Will I Learn?

• Inventory Costing
• First In First Out (FIFO) cost flow method
• Last In First Out (LIFO) cost flow method
• Weighted average cost flow method
• Periodic inventory method
• Perpetual inventory method
• Merchandising transactions
• Record purchase of merchandise
• Record the sale of merchandise
• Perpetual and periodic inventory systems
• Sales discount and purchase discount
• Inventory shrinkage and sales returns
• Financial statements for a merchandising company

Requirements

• We should have a basic understanding of financial accounting and debits and credits.

Target audience

• Accounting students
• Business owner
• Anyone who whats to learn accounting