1 / 6

Tracking Inventory

Tracking Inventory. Form E Businesses track inventory in different ways. We will be using a stock (inventory) record for a perpetual inventory system. A continuous record of merchandise inventory increases and decreases, and balance on hand is known as perpetual inventory . . Example: .

badru
Download Presentation

Tracking Inventory

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Tracking Inventory Form E Businesses track inventory in different ways. We will be using a stock (inventory) record for a perpetual inventory system. A continuous record of merchandise inventory increases and decreases, and balance on hand is known as perpetual inventory.

  2. Example: • Increase in Inventory: • Transaction: January 13, 2014. Purchased 500 pairs of Asics Wrestling Shoes on Account from Asics at a cost of $29,995, P78. Always include the date Calculate the new balance by adding number of units purchased. Use these two columns for purchases only

  3. Example Continued: • Decrease in Inventory-Sales on account • January 21, 2014. Sold 50 pairs of Asics Wrestling Shoes on account to Cornell University Wrestling for $5,499.50. S57. Calculate the new balance by subtracting number of units sold from previous balance. Always include the date Use these two columns for sales only

  4. Example Continued: • Decrease in Inventory-Cash and Credit Card Sales (store only) • January 25, 2014. Recorded cash and credit card sales for 15 pairs of Asics Wrestling Shoes for $1,649.85. T31. Calculate the new balance by subtracting number of units sold from previous balance. Always include the date Use these two columns for sales only

  5. Example Continued: • Decrease in Inventory-Online Sales (online only) • January 31, 2014. Recorded online credit card sales for 27 pairs of Asics Wrestling Shoes for $2,969.73. W31. (W = Web Sales) Always include the date Calculate the new balance by subtracting number of units sold from previous balance. Use these two columns for sales only

  6. With a Partner, complete an Inventory Record for the following transactions then answer the questions on the inventory record. • February 3, 2014. Purchased 80 Roku 3 Smart TVs on Account from Roku, Inc. at a cost of $3,199.20, P8. • February 5, 2014. Sold 26 Roku 3 Smart TVson account to Bloomsburg University for $1,819.74. S5. • February 10, 2014. Recorded cash and credit card sales for 11 Roku3 Smart TVs for $769.89. T10. • February 13, 2014. Recorded online credit card sales for 17 Roku 3 Smart TVsfor $1189.83. W13. • February 18, 2014. Purchased 50 Roku 3 Smart TVs on Account from Roku, Inc. at a cost of $1,999.50, P9. • February 21, 2014. Sold 21 Roku 3 Smart TVs on account to MiTech Corp. for $1469.79. S6. • February 25, 2014. Recorded cash and credit card sales for 13 Roku 3 Smart TVsfor $909.87. T25. • February 28, 2014. Recorded online credit card sales for 18 Roku 3 Smart TVsfor $1,259.82. W31.

More Related