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This document provides an overview of key inventory accounting concepts including: 1. Goods in transit are owned by the seller if FOB destination and the buyer if FOB shipping point. 2. A periodic inventory system involves physical counts while a perpetual system uses stock cards to track inventory flows. 3. Inventory shortages are normally closed to cost of goods sold but abnormally closed to other expenses. 4. Net realizable value is the estimated selling price less completion and disposal costs use

Author

Jerico Dungca

Language

EN