Inventory and COGS - Cutoffs and FOB
9 important questions on Inventory and COGS - Cutoffs and FOB
Why are cutoff issues important?
What is FOB destination?
Name a type of company that must take transit issues exceptionally seriously.
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What is different about a periodic inventory system?
What is one problem with LIFO?
What happens if inventory is accidentally overlooked in a physical count?
What happens if inventory is double counted?
How can inventory be estimated with the gross profit method?
Use historic data to estimate the gross profit, and COGS.
Subtract COGS from estimated goods available for sale to get an inventory estimate.
What is the retail method of estimating inventory cost?
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