advanced accounting

The codification is the proper guide to recording and treating inventory. Some transactions are a bit more complex, such as in purchase commitments. In general purchase are recorded in the month the purchase ocurred rather than the receipt day. The following video shares some information on contracts when used in purchasing inventory. Reveiw the information and add it to your discussion during the week. https://www.youtube.com/watch?v=xgkm7KbEGhg Purchase commitment

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