Lecture Fundamental accounting principles - Chapter 5: Accounting for merchandising operations
Lecture Fundamental accounting principles - Chapter 5: Accounting for merchandising operations
After studying this chapter you will be able to understand: Describe a merchandiser’s cost of goods sold, how do we compute gross profit for a merchandising company? Explain why use of the perpetual inventory system has dramatically increased; identify which items are subtracted from the list amount and not recorded when computing purchase price: freight-in, trade discount, purchase discount, purchase return;...