ACCTNG 2400 1st Edition Lecture 17Outline of Last Lecture I. Accounts receivable and Bad debtsa. Journal entriesOutline of Current Lecture II. Chapter 7a. Inventory Cost b. Inventory PoliciesIII. USED MAJORITY OF CLASS TIME FOR IN-CLASS ASSIGNMENTCurrent LectureInventory CostsAll costs incurred to obtain the inventory items and bring them to a condition and location where they are ready for sale are added to the value of the inventory. Common costs: freight, storage, and inspection.Ex: Valley view Landscaping purchases $10,500 of patio furniture and landscaping decorations for resale to customersdr Inventory (A+) 10,500cr Accounts payable 10,500Inventory PoliciesFIFO – First-in first-outLIFO – Last-in first-outThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.Avg. – weighted
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