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Accounting for Merchandising Businesses Chapter 03 McGraw­Hill/Irwin Copyright © 2012 by The McGraw­Hill Companies, Inc. All rights reserved. 3-2 Learning Objectives 1. Identify and explain the primary features of the perpetual inventory system. 2. Show the effects of inventory transactions on financial statements. 3. Explain the meaning of terms used to describe transportation costs, cash discounts, returns or allowances, and financing costs. 4. Explain how gains and losses differ from revenues and expenses. 5. Compare and contrast single and multistep income statements. 6. Show the effect of lost, damaged, or stolen inventory on the financial statements. 7. Use common size financial statements to evaluate managerial performance. 8. Identify the primary features of the periodic inventory system. (Appendix) 3-3 Merchandising Businesses Merchandising businesses generate revenue by selling goods. The goods purchased for resale are called merchandise inventory. Sale 3-4 Product Costs Versus Selling and Administrative Costs Product Costs Costs that are included in inventory. Selling & Admin. Costs Costs that are not included in inventory. They are sometimes called period costs. 3-5 Allocating Inventory Cost Between Asset and Expense Accounts Beginning Inventory + Balance Inventory Purchased During the Period = Cost of Goods Available for Sale Cost of Goods Available for Sale Merchandise Inventory (Balance Sheet) Cost of Goods Sold (Income Statement) ... - tailieumienphi.vn
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