In Example 1 of my previous post, Inventories or Stocks – Part 2, Methods of Recording in General Ledger, the cost of purchasing inventories had been fixed in order to show the effect of two different methods of recording in General Ledger clearly. In realit...
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Tagged As: accountancy, accountant, accounting, accounts, bookkeeping, cost formula, cost of goods sold, cost of sales, FIFO and LIFO, FIFO examples, FIFO LIFO Weighted Average, FIFO method, inventories, LIFO method, periodic method, perpetual method, recording inventories, recording stocks, small business, stocks, Weighted Average method
Remember in my previous post on the Balance Sheet? The Balance Sheet shows the “position” of an entity at a certain point in time. However, the Income Statement shows a different picture than the Balance Sheet – Income Statement or Profit and Loss...
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Tagged As: accountancy, accountant, accounting, accounts, bookkeeping, closing inventories, double entry, income statement, small business
