Hi students, welcome to my discussion on inventory cash flows. Thanks for joining me today. The example I'm using is taken from Hundred's 10th edition, page 405, exercise 6.17. Your author has you complete inventory records and calculating costs for Chapter 6, which can be confusing for students. So, I'd like to go through it together. Let's focus on our data. Our requirement is to calculate the total cost of goods sold and ending inventory using the FIFO method. Let's review the facts: on November 2nd, we purchased 8 gallons of milk. Then, on November 6th, we purchased two more, bringing our total inventory to 10 gallons. On November 8th, we sold 3 gallons. The question is, which 3 gallons did we sell? This is important because it affects the cost under FIFO. According to FIFO, we would assume that the first items purchased are the first ones sold. So, if we had 10 gallons and we sold 3, we would have 7 left. Then, we purchased two more, giving us a total of 9 gallons with varying prices. Finally, we sold 4 out of those 9 gallons, leaving us with 5 units in ending inventory. The question now is, what is the cost of the milk sold? Let's complete the first row of the inventory record. I made my first entry on November 2nd when I purchased 8 units at $2 each, for a total of $16. Notice that I am calculating the purchase amount here. I didn't sell any, I just made a purchase. Now, let's move on to the inventory on hand. I have 8 units at $2 each, which totals to $16 in inventory. This completes the recording of the purchase of 8 gallons at $2 each. Now, let's move on to the next row for...
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Inventory recording Form: What You Should Know
A common practice in some industries is for each series to be identified by an identifying number. Many businesses use these systems to track and inventory their inventory. A records inventory form is a simple collection of records and information that records each item in your records series. Records inventories and other paper formats should be created and filled out as a part of a monthly inventory report (see RECORDS INTEGRITY FORM DESCRIPTION) for your records inventory system. Records Inventory Form for Records Series. Form includes complete address lines for all members of the series (i.e. address of the record owner, address where record should be kept, etc). Each row in the form is broken out by item number. This form may be filled out only once per year. RECORDS INVENTORY FORM — ND Gov Instructions: PREPARING A SEPARATE INVENTORY WORKSHEET FOR EACH RECORDS SERIES Records Inventory Form Template from National Archives for Records Inventory Form Records Series Description Records Inventory Form Template — National Archives Instructions: Pre-fill with sample text that will help guide you through the inventory process. This form May 18, 2024 — This inventory tracking form template comes pre-filled with sample text to help guide you through the inventory tracking process. These records inventory form will contain the contact details Records Inventory Form Template — Jot form Here's a records inventory template that you can use evaluate and review your company's inventory. These records inventory form will contain the contact details Records Inventory Form — Data Element | National Archives Aug 19, 2024 — Introduction A records series is a group of identical or related documents. A common practice in some industries is for each series to be identified by in a number, either a unique number for each record or a series number. Many businesses use these systems to track and inventory their inventory. A records inventory form is a simple collection of records and information that records each item in your records series. Records inventory forms and other paper formats should be created and filled out as a part of a monthly inventory report (see Records Interagency Form Description) for your records inventory system. Records Inventory Form for Records Series. Records Inventory Form Template from National Archives for Records Inventory Form Records Series Description Records Inventory Form Template — National Archives Instructions: Prepare a separate inventory sheet and fill this document out once per month for your records series.
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