Lecture Financial accounting (3/e): Chapter 6 - Spiceland, Thomas, Herrmann

Chapter 6 - Inventory and cost of goods sold. After completing this chapter, students will be able to: Trace the flow of inventory costs from manufacturing companies to merchandising companies, understand how cost of goods sold is reported in a multiple-step income statement, determine the cost of goods sold and ending inventory using different inventory cost methods, explain the financial statement effects and tax effects of inventory cost flow assumptions,…