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Lecture Notes for ACIS 2115 - Principles of Accounting with Yardley at Virginia Tech (VT)

Notes Information

Material Type:Study Guide 4
Professor:Yardley
Class:ACIS 2115 - Principles of Accounting
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term: 2007
Keywords:
  • Date of Record
  • Inventory Period Costs
  • Balance Inventory Cost
  • Cost of Goods Available for Sale
  • Goods Sold Balance
  • Higher Net Income
  • Administration Costs
  • Assets Ratio
  • Employee Stock Option
  • Stockholders Preferred Stock
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Sample Document Text

FINAL EXAM STUDY SHEET Product Costs -Costs included in inventory Period Costs -Anything not included in inventory, such as Selling and Administration Costs (salaries, commissions, advertising, etc.) Cost of Goods Available for Sale Beginning Inventory Balance Inventory Cost of Purchased Goods + = During the Available Period for Sale Cost of Goods Available for Sale Cost of Goods Available for Sale Ending Cost of Inventory Goods Sold Balance = (Income (Balance Statement) Sheet) Merchandise Inventory (Balance Sheet) Cost of Goods Sold (Income Statement) - Periodic – high volume of low technology goods (McD’s happy meal toys) Perpetual – low volume of high technology goods (ipods) Transportation Costs FOB – “Freight-on-Board” Freight Terms Cost Title Responsible Party Buyer Seller FOB Shipping Point FOB Destination Transportation-in Transportation-out (Inventory) (Cost of Goods Sold) Inventory Cost Flow Methods -First in, First out (FIFO) – inflationary environment > higher net income -Last-...

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