Accounting For Inventory Accountingtools
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Accounting for inventory AccountingTools The accounting for inventory involves determining the correct unit counts comprising ending inventory , and then assigning a value to those units. The resulting costs are then used to record an ending inventory value, as well as to calculate the cost of goods sold for the reporting period . Th Inventory turnover formula AccountingTools The inventory turnover formula measures the rate at which inventory is used over a measurement period. It can be used to see if a business has an excessive inventory investment in comparison to its sales , which can indicate either unexpectedly low sales or poor inventory planning. The following Accounting inventory methods AccountingTools The four main ways to account for inventory are the specific identification, first in first out, last in first out, and weighted average methods. As background, inventory includes the raw materials , work-in-process , and finished goods that a company has on hand for its own production process
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