AAMI Accounting 2 Latest 2024 Already Passed

AAMI Accounting 2 Latest 2024 Already Passed Total Units Cost divided Total Cost equals Unit Value Total Units available for sale equals Beginning Inventory + all purchases FIFO First In Last Out LIFO Last In First Out CGS Cost of Goods Sold Rising market LIFO: gives Higher (CGS) Rising market FIFI: gives Lower (CGS) Declining market LIFO: gives Lower (CGS) Declining market FIFO gives Higher (CGS) Higher (CGS) Lower profit Lower (CGS) Higher profit Specific Identification -Specified identity price/cost of item you sell. -Most accurate method of inventory valuation Weighted Average Total cost of goods divided by Total unit Payroll tax difference between net pay and gross pay and what owner has to match Depreciation periodic a location of the cost of assets Depletion allocation of the cost of natural resources such as minerals Amortization allocation of the cost of intangible assets, such as patents, are transferred to expense through amortization Capitalized Cost -Cost recorded as part of