Apply Gross Profit and Retail Inventory Valuation Methods Like a PRO!
In this video, we will talk about how to estimate the cost of goods sold and ending inventory by the gross profit method and by the retail method. Recommended videos: Merchandising Activities • What You MUST Know About Accounting for Me... Inventory Valuation Methods • Mastering the 4 Inventory Valuation Method... Lower-of-Cost-or-Market (LCM) and Other Inventory Write-Downs • Master Lower-of-Cost-or-Market & Inventory... The Gross Profit and Retail Inventory Valuation Methods • Apply Gross Profit and Retail Inventory Va... Accounting for Merchandising Activities: How to Record Purchases • Accounting for Merchandising Activities: H... FOB Shipping Point vs Destination and The Year-End Cutoff of Transactions • Learn How Shipping Terms can Make or Break... Additional resources: https://www.amsa-online.com/free-reso... The textbook used in this video: Financial Accounting, Jan R. Williams. Publisher: McGraw-Hill. Chapter 8. Timeline: 00:00 Introduction 00:29 The Gross Profit Method – The Three Steps Approach 01:33 The Gross Profit Method – Example 1 04:00 The Gross Profit Method – Example 2 05:22 The Retail Method 05:41 The Retail Method – Example American Modern School of Accounting is a nonprofit online vocational school that offers several programs helping adult learners to start or advance their careers in bookkeeping and accounting. We offer the following programs: • Certificate in Computerized Accounting with QuickBooks • Certificate in Computerized Bookkeeping with QuickBooks • Certificate in Computerized Bookkeeping with QuickBooks (Budget Plan) For more information, visit our website: https://www.amsa-online.com/ #FinancialAccounting, #GrossProfitMethod, #RetailMethod, #InventoryEstimate, #GAAP, #FinancialStatements, #AccrualAccounting, #Education, #Accounting, #AccrualAccountingConcepts, #CostofGoodsSold, #Inventory, #COGS, #RulesofDebitandCredit; #Inventory, #PurchasesofInventory, #SaleofInventory, #MerchandisingActivities
