Module 15: Inventory and cost of goods sold
Perpetual inventory, FIFO, and gross profit, with methods stated.
1. Perpetual inventory basics
Record purchases, sales, and cost of goods sold under a perpetual inventory system.
About 8 minutes · 4 practice sets · Pro practice
2. FIFO costing
Compute cost of goods sold and ending inventory using first-in, first-out.
About 8 minutes · 2 practice sets · Pro practice
3. Returns and shrinkage
Record customer returns that go back to stock and inventory shrinkage found in a count.
About 8 minutes · 3 practice sets · Pro practice
4. Net sales and gross profit
Compute net sales and gross profit and read them on a merchandiser's income statement.
About 8 minutes · 2 practice sets · Pro practice