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Wheeler company sold 500 - PowerPoint PPT Presentation

Topic 6: ACCOUNTING FOR ASSETS

Topic 6: ACCOUNTING FOR ASSETS. Part 3 INVENTORY. Outline. Definition of inventory Inventory accounting system: Perpetual inventory system Periodic inventory system Valuation of inventory FIFO LIFO Weighted average Valuing inventory at lower of cost or market value. What is Inventory?.

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CHAPTER 5

CHAPTER 5. ACCOUNTING FOR MERCHANDISING OPERATIONS. Merchandising Operations. Merchandising Companies Buy and Sell Goods. Wholesaler. Retailer. Consumer. The primary source of revenues is referred to as sales revenue or sales.

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Wheeler company sold 500 - PowerPoint PPT Presentation

Topic 6: ACCOUNTING FOR ASSETS

CHAPTER 5