Week 4 Summary

Team X ACT 290 Week foursome thick Reflection In week four was a swell week. From the financial conundrum to complete financial documents, week four shows how investors and smart players on what financial information they looking for. A caller-up has to translate these documents to attract new business whether clients or investors. Week four, our home larn how the memorandum system works. We learned that the damage of goods sell can be found within a companys balance sheet and how it varies depending on how the company is delivering their intersection points. approximately companies look at this to determine if they be working efficiently as well as a way to check up on and control their product represents. To calculate exist of goods sold you would initiative find your memoir for the month you are calculating. Add the exist of direct clobber purchases made during the month to the beginning inventory number on the balance sheet. You would then add the ma ke up of the direct force associated to the manufacturing the product. Then you would calculate the subtotal of the beginning inventory, the materials cost, and the cost of the labor. This would then be the total goods available. Subtract the ending inventory value from the subtotal you honorable calculated. The subtotal was the total goods available.

This number, after subtracting, is your cost of goods sold. We as well as learned that the beginning and the ending inventory effects the cost of goods sold. The companys inventory is an asset and because of that the inventory cannot be claimed as an expense until i t is sold. Discussion occurred on journal en! tries reach by a merchandising company and how they are recorded. The sundry(a) types of entries are Recording Purchases of Merchandise, Recording Sales of Merchandise, Income Statement formulation Operations, and Evaluating Profitability. We also discussed the perpetual inventory system. This system is popular standardized a shot because the creating and supplying of products is much more advanced. at last we...If you want to submit a full essay, order it on our website: OrderCustomPaper.com

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