I know inventory is located on the income statement, but i don't know where? Do you have to calculate it? How?
2007-12-02 09:08:02 · 4 answers · asked by Jenny L 2 in Business & Finance ➔ Other - Business & Finance
Inventory is found in both the balance sheet and the income statement. In the balance sheet it's under current assets. In the income statement, if it's itemised, you'll find it under Cost of goods sold because the formula for COGS is Beginning inventory plus purchases minus ending inventory.
2007-12-03 00:34:13 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋
Inventory is located among the Assets on the Balance sheet, not in the Income Statment. Probably, just after the area that contains Accounts Receivable. There are normally three kinds of Inventory: Finished Goods Inventory, Work In Process Inventory and Raw Materials Inventory. The numbers are maintained on Inventory Ledgers, and are periodically verified by physical count.
2007-12-02 11:00:28 · answer #2 · answered by john m 3 · 2⤊ 0⤋
No, inventory is not entered on the income statement. Inventory is listed on the balance sheet.
2007-12-02 09:46:03 · answer #3 · answered by copious 4 · 1⤊ 0⤋
Look for the heading....inventory.
2007-12-02 09:31:20 · answer #4 · answered by Clown 3 · 0⤊ 0⤋