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Average cost method is a method of accounting which assumes that the cost of inventory is based on the average cost of the goods available for sale during the period. [1]The average cost is computed by dividing the total cost of goods available for sale by the total units available for sale.
Periodic: In the periodic inventory system, sales are recorded as they occur but the inventory is not updated. A physical inventory must be taken at the end of the year to determine the cost of goods; Regardless of what inventory accounting system is used, it is good practice to perform a physical inventory at least once a year.
QuickBooks is an accounting software package developed and marketed by Intuit.First introduced in 1992, QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions.
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If the inventory has decreased in value below historical cost, then its carrying value is reduced and reported on the balance sheet. The criterion for reporting this is the current market value . Any loss resulting from the decline in the value of inventory is charged to " cost of goods sold " (COGS) if non-material, or "loss on the reduction ...
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