Notes
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Inventory- any assets owned for the purpose of selling
whenever selling revenue
DR Cash
Cr Sales Rev
Dr Cost of goods sold
Cr Inventory
FIFO- First in first out
oldest items are assumed to be sold first
setup purhases| cost of goods sold| inventory
, with quantity, unit cost and total subheadings
LIFO- last in first out
Weighted Average
setup purhases| cost of goods sold| inventory
list the units then combine them,
get the weighted average by dividing the total/quantity
-use the weighted average as the unit cost, for cost of goods sold
when purchasing new units, recalculate weighted average
Gross profit= sale-cost of goods sold
sales rev= total of it's sales
gross profit or gross margin represents how much we marked up our units from the original cost
, with quantity, unit cost and total subheadings
Specific unit ID-
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