Week 6 Feb 13th 19th Chapter pages 95 99 100 104 105 110 95 99 Accounting for Inventory Transactions insurance and storage costs Ex of inventory costs price of goods purchased shipping handling costs transit Product costs all costs relating to obtaining or manufacturing a product intended for sale to customers Inventory costs usually called product costs Selling administrative costs costs that are not included in the inventory Ex advertising administrative sales sales commissions insurance interest Sometimes called period costs because costs are usually recognized as expenses in the period Period costs General selling and administrative costs that are expensed in the period in which the economic sacrifice is made Allocating inventory costs between asset expense accounts Beg inventory balance inventory purchased during the per costs of goods available for sale