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Income statements and inventory cost-flow assumptions

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Reference no: EM133149102

Merchandising Operations, Income Statements, and Inventory Cost-Flow Assumptions

In this area, we will discuss the accounting-for-inventory transactions of merchandising companies, the two formats of preparing the income statement, and how to evaluate the profitability of a merchandising company. We will also discuss how companies determine the year-end inventory value and cost of goods sold using one of the cost-flow assumptions. Finally, we will examine the impact of choosing a certain cost-flow assumption on the tax liability and other financial statement numbers of a company.

Question 1.

How is the income statement of a merchandising company different from that of a service company?

Question 2.

What is the difference between a service-oriented company and a merchandising company?

Notes:

1. Include in your post that you attended the live lecture

2. provide a summary of your key takeaways from the lecture

Book for references

Financial Accounting: Tools for Business Decision Making 9thKimmel, Weygandt and Kieso

2019 Wiley

Reference no: EM133149102

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