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Inventory Classification and Costing Methods by Yuli Tambariki is a document available to read on EtoBox.

1. There are two main classifications of inventory - merchandise inventory for merchandising companies and three classifications (raw materials, work in process, finished goods) for manufacturing companies. 2. Physical inventory counts are taken to check the accuracy of records under a perpetual system or to determine inventory amounts under a periodic system. Inventory is accounted for using cost flow assumptions like FIFO or average cost. 3. Errors in ending inventory affect both the income statement a

Author

Yuli Tambariki

Language

EN