Week 4 Summary

Team X
ACT 290
Week four Summary Reflection

In week four was a great week. From the financial conundrum to complete financial documents, week four shows how investors and smart players on what financial information they looking for. A caller-up has to translate these documents to attract new business whether clients or investors. Week four, our home learned how the memorandum system works.
We learned that the damage of goods sell can be found within a companys balance sheet and how it varies depending on how the company is delivering their products. approximately companies look at this to determine if they are working efficiently as well as a way to check up on and control their product represents. To calculate exist of goods sold you would initiative find your history for the month you are calculating. Add the exist of direct material purchases made during the month to the beginning inventory number on the balance sheet. You would then add the cost of the direct labor associated to the manufacturing the product. Then you would calculate the subtotal of the beginning inventory, the materials cost, and the cost of the labor. This would then be the total goods available. Subtract the ending inventory value from the subtotal you just calculated. The subtotal was the total goods available.



This number, after subtracting, is your cost of goods sold.
We as well as learned that the beginning and the ending inventory effects the cost of goods sold. The companys inventory is an asset and because of that the inventory cannot be claimed as an expense until it is sold. Discussion occurred on journal entries apply by a merchandising company and how they are recorded. The assorted types of entries are Recording Purchases of Merchandise, Recording Sales of Merchandise, Income Statement manifestation Operations, and Evaluating Profitability. We also discussed the perpetual inventory system. This system is popular like a shot because the creating and supplying of products is much more advanced.
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