COB 241 at James Madison University

Videos

1 COGS and Inventory
A brief introduction to inventory, cost of goods sold, and how they relate to each other. This is meant to be a brief overview before we really dive in.
2:57
2 Net Sales
There are a couple of things that can be taken out of sales to get us down to "Net Sales". You'll need to pay close attention, because these exact same things will apply to purchases too.
10:03
3 Perpetual vs Periodic
The two methods of inventory tracking. And, surprise, we're going to talk some more about words.
7:10
4 FOB Shipping?
What in the world does FOB mean? I'm not really sure, but that's ok, you wont miss any FOB questions if you can draw a line.
8:51
5 Transportation In
Transportation in matters, but transportation out never really gets talked about. What's the deal with that?
8:41
6 COGS
How can we figure out COGS under the periodic inventory system? By making up a formula, of course.
6:18
7 Drawbacks to Periodic
The Periodic inventory has a couple of drawbacks, which we will discuss here.
6:07
8 Specific Identification
Of the inventory costing methods, specific identification is by far the easiest, and the least used.
2:17
9 Weighted Average
Weighted average is another inventory costing method that applies a single average cost to all the units.
4:21
10 FIFO and LIFO
FIFO and LIFO are the two most commonly used inventory costing methods. And they are also the only accounting terms that most people remember years later.
20:17
11 Estimating with Gross Profit
The Gross Profit Method is a way to estimate what our Cost of Goods Sold is, without having to do a physical inventory count.
7:23
Topic 6 →

Practice Problems

Click Here to View All Topic 5 Problems at Once View
1 Consignment Inventory Easy
2 FOB Destination Easy
3 Inventory Set Aside Easy
4 Loss On Inventory Easy
5 FOB Shipping Moderate
6 FOB Shipping Moderate
7 Inventory Costing Moderate
8 The Effect of Inventory Errors Hard
← Topic 4