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BUAD 280 Week 7 Notes

by: Manisha Malhotra

BUAD 280 Week 7 Notes BUAD 280

Manisha Malhotra
GPA 3.9

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About this Document

These notes cover week 7 of BUAD 280.
Introduction to Financial Accounting
Eric Allen
Class Notes
25 ?




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This 1 page Class Notes was uploaded by Manisha Malhotra on Thursday October 6, 2016. The Class Notes belongs to BUAD 280 at University of Southern California taught by Eric Allen in Fall 2016. Since its upload, it has received 6 views. For similar materials see Introduction to Financial Accounting in Business at University of Southern California.


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Date Created: 10/06/16
BUAD 280 Week 7 Notes (10/5) • inventory ­ tangible property that is  • 1) held for sale in the normal course of business (merchandising)  • 2) used to produce goods or services for sale (manufacturer)  • all costs to get goods ready for use and sale to customer are included in the  inventory’s cost • F.O.B. shipping point ­ ownership passes upon shipment, typically customer pays the shipping costs • F.O.B. destination ­ ownership passes on delivery, seller pays shipping costs • freight in ­ shipping costs related to the purchase of inventory • freight out ­ shipping costs related to the sale of a good COGS Inventory Systems • perpetual ­ all sales and their recorded costs are recorded in real time, the balance in  the inventory T­account at any point in time is = to the cost of the actual inventory on  hand • periodic ­ COGS is only recorded at the end of the period, the balance of the  inventory will only equal inventory on hand at the end of the period  • COGS = Beg Inv + Purchases other costs ­ return ­ end inv goods available for sale


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