[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-571909-105":53,"doc-detail-571909-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","inventory-accounting-cheat-sheet-2025-inventory-accounting","Inventory Accounting Cheat Sheet - 2025 - Inventory Accounting","","Inventory Accounting Cheat Sheet provides a compact overview of inventory concepts and practical accounting guidance. It summarizes four inventory types—raw materials, WIP, finished goods, and MRO supplies—then explains how inventory is evaluated and valued. The sheet compares periodic versus perpetual inventory systems and outlines typical valuation methods: FIFO, LIFO, weighted average, and specific identification. It also lists key inventory formulas (COGS, inventory turnover, days sales of inventory) and shows common journal entries for purchasing, sales revenue, COGS adjustments, write-downs, and returns.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/inventory-accounting-cheat-sheet-2025-inventory-accounting/571909/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/inventory-accounting-cheat-sheet-2025-inventory-accounting/571909.png","ImageObject",442,249,{"name":88,"@type":89},"Mabel","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-17","2026-10-13",true,{"@type":98,"interactionType":99,"userInteractionCount":76},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What are the four types of inventory covered in the cheat sheet?","Question",{"text":108,"@type":109},"The cheat sheet distinguishes Raw Materials, Work-In-Progress (WIP), Finished Goods, and MRO Supplies used to maintain operations.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How do periodic and perpetual inventory systems differ?",{"text":113,"@type":109},"Periodic systems are less precise but simpler, while perpetual systems are more accurate and more complex.",{"name":115,"@type":106,"acceptedAnswer":116},"Which inventory valuation methods are listed and what do they imply for costs and COGS?",{"text":117,"@type":109},"It lists FIFO, LIFO, Weighted Average, and Specific Identification. FIFO uses oldest costs first (typically lower COGS, higher profit and tax), LIFO uses newest costs first (typically higher COGS, lower profit and tax), Weighted Average smooths fluctuations by using average cost, and Specific Identification tracks actual cost per item for unique or high-value items.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},571909,1792119229,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":76,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":73,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":139,"read_time":9},7971474920318,"https://ap-avatar.wpscdn.com/avatar/74000ee537e6b0ca360?x-image-process=image/resize,m_fixed,w_180,h_180&k=1788430171632181674","Inventory Accounting Cheat Sheet  \n| 4 Types of Inventory |  |  |  |\n| --- | --- | --- | --- |\n| | | | |\n| Raw Materials | Work-In-Progress\u003Cbr>(WIP) | Finished Goods | MRO Supplies |\n| Basic inputs used to produce goods | Semi-finished goods, still in production | Completed products, ready for sale | Items used to maintain operations (tools, lubricants, etc.) |\n\n\n| Inventory Evaluation |\n| --- |\n| |\n| Assigns value to inventory |\n\n\n| Inventory System |  |\n| --- | --- |\n| | |\n| Periodic | Perpetual |\n| less precise, but simpler than perpetual | more accurate and more complex than periodic |\n\n\n| Summary of Typical Inventory Valuation Methods |  |  |  |\n| --- | --- | --- | --- |\n| FIFO: First In, First Out | LIFO: Last In, First Out | Weighted Average | Specific Identification |\n| Oldest costs are expensed first; lower COGS, higher profit & tax | Newest costs expensed first; higher COGS, lower profit & tax | Uses average cost per unit; minimizes price fluctuations | Tracks actual cost per item; used for unique/ high-value items |\n\nInventory Accounting Cheat Sheet   \n\n| Key Inventory Formulas |  |  |\n| --- | --- | --- |\n| Cost of Goods Sold | Inventory Turnover | Days Sales of Inventory |\n| Beginning Inventory + Purchases\u003Cbr>-Ending Inventory | Cost of Goods Sold\u003Cbr>Average Inventory | 365\u003Cbr>Inventory Turnover |\n\n\n| Common Inventory Accounting Journal Entries |  |  |\n| --- | --- | --- |\n|  | Debit | Credit |\n| To purchase $1,000 of inventory on credit (or cash) |  |  |\n| Inventory | $1,000 |  |\n| Accounts Payable / Cash |  | $1,000 |\n| To record increase in revenue from sale |  |  |\n| Accounts Receivable / Cash | $500 |  |\n| Sales Revenue |  | $500 |\n| To record decrease in COGS from sale |  |  |\n| Cost of Goods Sold (COGS) | $300 |  |\n| Inventory |  | $300 |\n| To record a reduction in inventory value from damage, loss, or market decline |  |  |\n| Inventory Write-Down Expense | $100 |  |\n| Inventory |  | $100 |\n| To record inventory returned to suppliers due to damage or errors |  |  |\n| Accounts Payable / Cash | $1,000 |  |\n| Inventory |  | $1,000 |","cbCaiczG4hf1H5yk","https://ap.wps.com/l/cbCaiczG4hf1H5yk","pdf",122711,"English","# Inventory Types\n## Raw Materials, WIP, Finished Goods, MRO Supplies\n# Inventory Evaluation\n# Inventory Systems\n## Periodic vs Perpetual\n# Inventory Valuation Methods\n## FIFO, LIFO, Weighted Average, Specific Identification\n# Key Inventory Formulas\n## COGS, Inventory Turnover, Days Sales of Inventory\n# Common Inventory Accounting Journal Entries","[{\"question\":\"What are the four types of inventory covered in the cheat sheet?\",\"answer\":\"The cheat sheet distinguishes Raw Materials, Work-In-Progress (WIP), Finished Goods, and MRO Supplies used to maintain operations.\"},{\"question\":\"How do periodic and perpetual inventory systems differ?\",\"answer\":\"Periodic systems are less precise but simpler, while perpetual systems are more accurate and more complex.\"},{\"question\":\"Which inventory valuation methods are listed and what do they imply for costs and COGS?\",\"answer\":\"It lists FIFO, LIFO, Weighted Average, and Specific Identification. FIFO uses oldest costs first (typically lower COGS, higher profit and tax), LIFO uses newest costs first (typically higher COGS, lower profit and tax), Weighted Average smooths fluctuations by using average cost, and Specific Identification tracks actual cost per item for unique or high-value items.\"}]","Inventory Accounting Cheat Sheet - 2025 - Inventory Accounting | PDF",1791924381]