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Inventory Accounting

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An example illustrating Periodic vs Perpetual inventory accounting

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Solution Summary

The expert examines inventory accounting. Periodic versus perpetual inventory accounting is examined.

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PERIODIC VS PERPETUAL ASSUMPTION EXAMPLE

Assume:
Type Units Unit Price $
BI 10 $1 10
Sell 8 @ $4
P1 10 $2 20
Sell 8 @ $4
P2 10 $3 30

PERIODIC PERPETUAL

FIFO FIFO

SALES $64 SALES $64

COGS 10 @ 1=10 COGS 8 @ 1=8
6 @ 2=12 22 2 @ 1=2
6 @ 2=12 22

GM 32 32

EI 4 @ 2=8 4@2=8
10 @ 3=30 38 10 @ ...

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