A merchandising company.

After completing this chapter you should be able to: Identify the differences between a service and merchandising companies, explain the recording of purchases under a perpetual inventory system, explain the recording of sales revenues under a perpetual inventory system,... and other contents.

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We will look at inventory for two classes of businesses. For merchandising companies like Wal-Mart, goods are acquired from a supplier for resale to the final consumer. In a manufacturing operation, the company normally has three inventories.

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Those assets that a company: 1. Intends to sell in the normal course of business. 2. Has in production (work in process) for future sale. 3. Uses currently in the production of goods to be sold (raw materials). 8-3 Types of Inventories Types of Inventory Merchandise Inventory Goods acquired for resale Manufacturing Inventory •Raw Materials •Work-in-Process •Finished Goods 1 .8-4 Inventory Cost Flows Raw Materials Work in Process Finished Goods

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