Accounting for Purchase and Sale of Inventory
What you'll learn
- Discover core concepts related to inventory for a merchandising business.
- Recognize how to perform transactions for the sales of inventory cycle.
- Recognize how to perform transactions for the purchase of inventory cycle.
- Recognize how to perform other transactions associated with inventory such as sales tax and physical inventory counts.
Requirements
- No advanced preparation or prerequisites are needed for this course.
Description
In this course, the accounting for inventory in merchandising companies is presented. Both the purchase and sales sides of the transactions will be analyzed, along with sales tax and physical inventory practices. Differences in accounting for both Free On Board (FOB) points will be explained along with dealing with payment discounts.
The Income Statement is expanded to a Multi-Step Income Statement to accommodate the additional information needed to be presented by a merchandising company. Additionally, contra-accounts are added to the list of accounting tools.
Who this course is for:
- Anyone interested in finance, accounting or related fields.
Course content
- Preview11:33
- 14:10Multi Step Income Statement
- 04:20FOB and Payment Terms
- 16:11Journal Entries and Buyers Point of View
- 08:45Sellers Point of View
- 11:27Example: Purchase and Sale of Inventory
- 08:07Sales Tax and Inventory Shrinkage
Instructors
![Illumeo Learning](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 64 64"%3E%3C/svg%3E){kind=avatar}
- 4.1 Instructor Rating
- 20,086 Reviews
- 63,211 Students
- 413 Courses
Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job.
Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination.
Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.
- 4.2 Instructor Rating
- 225 Reviews
- 1,185 Students
- 7 Courses
Erik is currently an Accounting Professor at California Polytechnic State University in San Luis Obispo. Formerly, Mr. Slayter served as Division Controller for the San Luis Obispo County division of Waste Connections, Inc. (NYSE: WCN). Prior to Mr. Slayter’s work for Waste Connections, he was Controller and MIS Director for Waller Genetics, a leading horticultural research company based in Santa Barbara County, California. Mr. Slayter’s M.B.A. and degree in Accounting were both earned from California Polytechnic State University in San Luis Obispo. Mr. Slayter holds an active Certified Public Accountant license from the State of California. Mr. Slayter serves as founder and President of CCSoccer Corp., a non-profit recreational, adult soccer league.
Experience
Professor : Cal Poly San Luis Obispo - [2003-01 to Current]
District Controller : Waste Connections - [2002-10 to 2008-09]
Controller : Waller Genetics - [1997-10 to 2001-09]
Accountant : Shilling & Kenyon Accountants - [1993-10 to 1997-10]
Accountant : KPMG - [1992-06 to 1993-10]
Education
MBA, Business : California Polytechnic State University-San Luis Obispo - [2006 to 2008]
BS, Accounting : California Polytechnic State University-San Luis Obispo - [1988 to 1992]