INVENTORY

ACCOUNTING

COMMON RETAIL BUSINESS ACCOUNTING ISSUES

COMMON RETAIL BUSINESS ACCOUNTING ISSUES

The most central aspect of a retail business’s operations is the buying and selling of inventory, which comes with several unique accounting topics to consider.

TYPE OF INVENTORY SYSTEMS

The two types of inventory systems, a perpetual system and a periodic system, determine when inventory purchases and sales recorded.

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INVENTORY COST LAYERING

Cost layering determines which inventory items to expense when a sale is made. There are three common methods used for cost layering.

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OBSOLETE INVENTORY

In a retail operation many products will inevitably become obsolete and won’t sell for their original listed values. There are three ways to account for this.

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