Calculate Ending Inventory: Formula & Explanation


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question 1 of 3

Ending inventory is the value of goods available for sale:

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1. What is a balance sheet?

2. What is an example of an asset?

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About This Quiz & Worksheet

This quiz and corresponding worksheet will help you gauge your understanding of the ending inventory formula. Topics you'll need to know to pass the quiz include understanding the essential characteristics of the ending inventory formula as well as knowing the summary of a company's assets, liabilities, and equity.

Quiz & Worksheet Goals

Use these assessment tools to assess your knowledge of:

  • The characteristics of the ending inventory formula
  • COGS
  • Examples of assets
  • Examples of liabilities

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related ending inventory formula lesson
  • Interpreting information - verify that you can read information regarding the ending inventory formula and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about the ending inventory formula

Additional Learning

To learn more about the process at the end of the accounting period, review the corresponding lesson Calculate Ending Inventory: Formula & Inventory. This lesson covers the following objectives:

  • Describe the idea behind net purchase
  • Identify the characteristics of the ending inventory formula
  • Know the summary of a company's assets, liabilities, and equity
  • Learn the examples of assets
  • Appreciate the examples of liabilities