ACCT 2050 at University of Minnesota--Twin Cities

1. COGS and Inventory

in Topic 5 (Video 1 of 11)
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A brief introduction to inventory, cost of goods sold, and how they relate to each other. This is meant to be a brief overview before we really dive in.

This Video Mentioned Some Formulas

Beginning Inventory
+ Net Purchases
– Ending Inventory
COGS
Beginning Inventory
+ Net Purchases
– COGS
Ending Inventory
Beginning Inventory
+ Net Purchases
Goods Available for Sale (Some professors care about this... some don't)

The Rest Of The Videos

1 COGS and Inventory
You are here. 		2:57
2 Net Sales 10:03
3 Perpetual vs Periodic 7:10
4 FOB Shipping? 8:51
5 Transportation In 8:41
6 COGS 6:18
7 Drawbacks to Periodic 6:07
8 Specific Identification 2:17
9 Weighted Average 4:21
10 FIFO and LIFO 20:17
11 Estimating with Gross Profit 7:23
Topic 6 →

Topic 5 Practice Problems

Click Here to View All Topic 5 Problems at Once View
1 Consignment Inventory Easy
2 FOB Destination Easy
3 Inventory Set Aside Easy
4 Loss On Inventory Easy
5 FOB Shipping Moderate
6 FOB Shipping Moderate
7 Inventory Costing Moderate
8 The Effect of Inventory Errors Hard
← Topic 4

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