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What is Financial Accounting: Inventory Management about?

The document discusses inventory accounting concepts including: 1) Inventories include finished goods, work in process, and raw materials less goods held on consignment or bill and hold. 2) Inventory costs include purchase price, import duties, and transportation less discounts. Costs excluded are abnormal waste, storage, selling, and interest. 3) Under the net method, discounts not taken are expensed rather than reducing inventory costs.

Author

Ja Francisco

Language

EN