How does inventory accounting impact the balance sheet of a manufacturing company?

A consignee sells consigned goods for \$3,000, earning a \$300 commission. What is the journal entry to record this transaction?

What is the role of the consignor in a consignment arrangement?

What is the specific identification method in inventory valuation?

If XYZ Art Gallery has paintings valued at \$20,000 and \$40,000 remaining, what is the ending inventory value?

How would you record the cost of goods sold for yacht B, valued at \$500,000?

What components make up the formula for goods available for sale?

In a periodic inventory system, what does the LIFO method imply about the cost of goods sold?

What is the primary purpose of cost flow assumptions in a periodic inventory system?

In a stable price environment, how does the choice of inventory costing method affect net income?

How does the average cost method affect gross profit in a stable price environment?

How would you explain the differences between FIFO, LIFO, and average cost to a new accounting intern?

A company has inventory valued at \$200,000. The market value drops to \$190,000. How should the company record this change?

What is the result of correcting an inventory error in the second year on the total cost of goods sold over two years?

If a company has an understated ending inventory, what is the effect on cost of goods sold and gross profit?