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Unit 5: Inventory Methods – Principles, Controls, and Financial Statement Effects

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Service Company vs. Merchandising Company

Cost of Goods Sold - Perpetual Inventory vs. Periodic Inventory

Perpetual Inventory - Purchases

Periodic Inventory - Purchases

Specific Identification

Periodic Inventory - FIFO, LIFO, and Average Cost

Perpetual Inventory - FIFO, LIFO, and Average Cost

Financial Statement Effects of Inventory Costing Methods

Lower of Cost or Market

Inventory Errors