Revising Assets & Inventory Systems

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In this live Gr 12 Accounting show we take a close look at Revising Assets & Inventory Systems. In this lesson we understand the differences between the periodic and te perpetual inventory systems. We understand the Trading account under both systems. We understand the use of the Purchases account in the periodic system and the Opening and closing stock accounts. We understand the difference between FIFO and Weighted Average. Finally, we calculate the following under both methods of stock valuation: value of closing stock, cost of sales, gross profit as well as number of units of stock on hand.
Revision Video