ACCT 2050 at University of Minnesota--Twin Cities

2. Net Sales

in Topic 5 (Video 2 of 11)
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There are a couple of things that can be taken out of sales to get us down to "Net Sales". You'll need to pay close attention, because these exact same things will apply to purchases too.

This Video Mentioned Some Formulas

Beginning Inventory
+ Net Purchases
Goods Available for Sale (Some professors care about this... some don't)
Sales Revenue
– Sales Returns and Allowances
– Sales Discounts
Net Sales

The Rest Of The Videos

1 COGS and Inventory 2:57
2 Net Sales
You are here. 		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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