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Category: Inventory

Inventory

December 4, 2020 Khayyam Javaid, ACA

In this section, we’ll explain the accounting  of inventory and its relationship with cost of goods sold. By the end…

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Posted in: Financial Accounting, Inventory

Retail inventory method of estimating inventory

December 3, 2020 Khayyam Javaid, ACA

Retail inventory method of estimating inventory can be used by retailers maintaining the record of both the inventory’s cost as…

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Posted in: Financial Accounting, Inventory

Gross profit method of estimating inventory

Khayyam Javaid, ACA

Gross profit method of estimating inventory uses the historical gross profit margin ratio to estimate the cost of goods sold.…

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Posted in: Financial Accounting, Inventory

Estimating inventory

Khayyam Javaid, ACA

Why some entities need to estimate inventory? Answer to this question will be given in this post In perpetual inventory…

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Posted in: Financial Accounting, Inventory

Inventory aging

Khayyam Javaid, ACA

Inventory aging is a useful analysis based on inventory aging report. But what is an inventory aging report? It is…

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Posted in: Financial Accounting, Inventory

Slow moving inventory and obsolete inventory

Khayyam Javaid, ACA

What is slow moving inventory? All goods and products have a life and after that life, they become useless. Inventory…

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Posted in: Financial Accounting, Inventory

Lower of cost or net realizable value

Khayyam Javaid, ACA

Lower of cost or net realizable value rule means that inventory must be valued and reported at lower of the…

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Posted in: Financial Accounting, Inventory

Periodic and perpetual inventory systems

Khayyam Javaid, ACA

There are two systems of inventory record keeping: Periodic inventory system Perpetual inventory system Inventory valuation methods can be used…

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Posted in: Financial Accounting, Inventory

Inventory valuation methods

Khayyam Javaid, ACA

Where inventory consists of small number of large or precious items, it is possible to identify individual items of inventory…

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Posted in: Financial Accounting, Inventory

Inventory definition

Khayyam Javaid, ACA

Inventories are goods held by an entity for sale and materials held by an entity for manufacturing goods for sale.…

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Posted in: Financial Accounting, Inventory

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    Financiopedia
    • Financial Accounting
      • Basics of accounting
      • Double-entry accounting system
      • Accounting cycle
      • Accounting principles
      • Bookkeeping
      • Accounting of assets
      • Property, plant and equipment
      • Financial instruments
      • Inventory
      • Accounts receivable
      • Accounting of liabilities
      • Accounting of income
      • Accounting of expenses
      • Financial statements
      • Ratio analysis
    • Management Accounting
      • Introduction to management accounting
      • Introduction to costs
      • Material and labour costs
      • Marginal and Absorption Costing
      • Inventory valuation
      • Inventory management
      • Costing systems
      • Budgeting
      • CVP analysis
    • IFRS
      • IFRS 15 – Revenue from contracts with customers
      • IFRS 9 – Financial Instruments
    • About Us