Asked by Sharion Dielle on Jun 05, 2024
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Goods available for sale are allocated to both ending inventory and cost of goods sold.
Goods Available for Sale
The total quantity of goods that a company has in its inventory available to be sold during a specific period.
Ending Inventory
The total value of goods available for sale at the end of an accounting period, calculated before the next period begins.
Cost of Goods Sold
The total cost of materials and labor needed to produce the goods or services sold by a company.
- Acquire knowledge on the distribution of expenses to ending stock and the cost of goods sold with FIFO and LIFO strategies.
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Learning Objectives
- Acquire knowledge on the distribution of expenses to ending stock and the cost of goods sold with FIFO and LIFO strategies.
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