Manufacturing Inventory

Record journal entries for raw materials, WIP, and finished goods transfers

Perpetual vs Periodic

Record the same transactions under both perpetual and periodic systems

Goods in Transit

Determine which in-transit goods belong in year-end inventory using FOB terms

Consignment Accounting

Record entries from both consignor (owner) and consignee (agent) perspectives

Net Purchases Calculation

Calculate net purchases applying freight-in, returns, and purchase discounts

Specific Identification

Calculate COGS and ending inventory by tracking the exact cost of each unit sold

Weighted Average (Periodic)

Calculate weighted average cost per unit and apply to COGS and ending inventory

FIFO (Periodic)

Calculate COGS and ending inventory using FIFO under the periodic system

LIFO (Periodic)

Calculate COGS and ending inventory using LIFO under the periodic system

Moving Average (Perpetual)

Recalculate average cost after each purchase and apply to each individual sale

FIFO (Perpetual)

Calculate COGS for each sale using the oldest available layers under perpetual FIFO

LIFO (Perpetual)

Calculate COGS for each sale using the most recent layers — results differ from periodic

Method Comparison

Calculate COGS and ending inventory under all four methods using identical data

LIFO Reserve Analysis

Calculate the LIFO reserve and convert LIFO financial statements to a FIFO basis

LIFO Liquidation

Identify when LIFO liquidation occurs and calculate its inflated income effect

Gross Profit Ratio

Calculate the gross profit ratio and use it to estimate ending inventory (GP method)

Inventory Turnover

Calculate inventory turnover, days in inventory, and compare company efficiency

Dollar-Value LIFO (DVL)

Calculate ending inventory using DVL with price indexes — the practical LIFO method

Mixed Inventory Problems

Identify the correct treatment and solve problems combining multiple inventory topics