Subject category:
Finance, Accounting and Control
Published by:
Darden Business Publishing
Version: 21 February 2024
Length: 11 pages
Data source: Published sources
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Abstract
This technical note provides an overview of accounting for inventory and cost of goods sold expense. It discusses accounting for the purchase and sale of inventory, periodic and perpetual inventory systems, inventory write-downs, and alternative inventory costing methods. It also discusses the use of the LIFO Reserve to adjust financial statements prepared using the LIFO method of inventory valuation to an 'as-if' FIFO basis, illustrating those adjustments with an example.
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Abstract
This technical note provides an overview of accounting for inventory and cost of goods sold expense. It discusses accounting for the purchase and sale of inventory, periodic and perpetual inventory systems, inventory write-downs, and alternative inventory costing methods. It also discusses the use of the LIFO Reserve to adjust financial statements prepared using the LIFO method of inventory valuation to an 'as-if' FIFO basis, illustrating those adjustments with an example.
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