About This Chapter
CEOE Marketing: Merchandising - Chapter Summary
You can review the lessons in this chapter to brush up on the principles of merchandising and inventory control. Review for the CEOE Marketing exam through lessons that involve:
- Merchandising company activities
- Merchandise inventory
- Inventory cost methods
- Inventory accounting
- Types of inventory systems
- Valuation methods
- Net realizable value
- Valuing inventory
This chapter is divided into several lessons that focus on different topics within the merchandising category. Each lesson includes a short engaging video as well as a transcript with key vocab terms and a multiple-choice quiz.
CEOE Marketing: Merchandising Objectives
The CEOE Marketing test consists of 100 multiple-choice questions that cover four main content areas: marketing principles; sales, promotion and merchandise control; economics, business and entrepreneurship; and employment, communication and problem-solving skills. The topics covered in this chapter may be encountered within the economics, business and entrepreneurship section which may include questions on the types and functions of inventory control systems, and other basic principles and procedures related to merchandising. Prepare for these questions with the video lessons and assessment quizzes in this chapter.
1. Merchandising Company: Definition, Activities & Income Components
Do you know what a merchandising company is? If you said it's a store, you are right. It is a store, but it is also so much more. In this lesson, we are going to discuss some of the major components of a merchandising company.
2. Items that Make Up Merchandise Inventory
In order to operate, merchandising companies must carry inventory. What exactly makes up merchandise inventory? In this lesson, you will not only learn the answer to that question, but also several other important factors that relate to merchandise inventory.
3. Inventory Cost: Definition, Methods & Types
Have you ever thought about how much it costs a business to keep inventory in stock? It's not just the price the business pays for the items that it keeps in stock. It is so much more. In this lesson, we will discuss exactly what constitutes actual inventory cost.
4. Accounting for Inventory Purchases
A merchandising company must purchase inventory, and it has to be accounted for in the accounting records. In this lesson, you will learn how to calculate inventory purchase amounts as well as how to record them in the accounting journals.
5. Perpetual and Periodic Inventory Systems
Inventory management is an important part of business success. In this lesson, we will discuss the two types of inventory systems used in accounting today.
6. Recording Purchases Using the Perpetual System
Every transaction that occurs in a business, whether it is a purchase or a sale, must be accounted for. In this lesson, you will learn how to record purchases using the perpetual inventory system.
7. Accounting for Inventory Sales
In order to operate, a business must make sales. In this lesson, we are going to discuss sales of inventory. You will learn the types of sales made, the items that affect sales profit, and the way to record sales in the accounting records.
8. Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average
This lesson introduces you to the cost flow assumption methods of specific identification: FIFO, LIFO, and weighted average. You will also learn how to compute inventory in a perpetual system using the methods of FIFO, LIFO, and weighted average.
9. Net Realizable Value of Inventory: Definition & Method
Calculating inventory value is essential for correct reporting in accounting records. In this lesson, we are going to discuss what net realizable value is and why it plays an important role in inventory valuation.
10. The Lower of Cost or Market of Inventory: Definition & Method
No matter what kind of inventory a company has, that inventory has value. In this lesson, we'll talk about valuing inventory using the lower of cost or market rule.
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Other chapters within the OSAT Marketing Education (CEOE) (041): Practice & Study Guide course
- CEOE Marketing: Marketing Principles
- CEOE Marketing: Researching, Collecting & Evaluating Data
- CEOE Marketing: Strategies & Segmentation
- CEOE Marketing: Product Management
- CEOE Marketing: Brand Positioning & Consumer Protection
- CEOE Marketing: Pricing Strategies
- CEOE Marketing: Distribution Channels
- CEOE Marketing: The Selling Process
- CEOE Marketing: Customer Service
- CEOE Marketing: Role & Impact of Promotion
- CEOE Marketing: Security & Safety Issues
- CEOE Marketing: Economics Overview
- CEOE Marketing: Business Structures & Organization
- CEOE Marketing: The Marketing Plan
- CEOE Marketing: Financial Principles
- CEOE Marketing: Business Communication
- CEOE Marketing: Human Resource Management
- CEOE Marketing: Human Relations & Leadership Skills
- CEOE Marketing: Motivation in the Workplace
- CEOE Marketing: Information Management
- CEOE Marketing: Professional Development
- OSAT Marketing Education (CEOE) (041) Flashcards