Accounting
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Boundless Accounting
Controlling and Reporting of Inventories
Accounting Textbooks Boundless Accounting Controlling and Reporting of Inventories
Accounting Textbooks Boundless Accounting
Accounting Textbooks
Accounting

Section 1

Understanding Inventory

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By Boundless
Boundless Accounting
Accounting
by Boundless
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4 concepts
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Nature of Inventory

Inventory represents finished and unfinished goods which have not yet been sold by a company.

Categories of Goods Included in Inventory

Most manufacturing organizations usually divide their "goods for sale" inventory into raw materials, work in process, and finished goods.

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Components of Inventory Cost

The cost of goods produced in the business should include all costs of production: parts, labor, and overhead.

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Flow of Inventory Costs

Accounting techniques are used to manage assumptions of cost flows related to inventory and stock repurchases.

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