About This Chapter
OAE: Merchandising & Inventory in Marketing - Chapter Summary
As you get ready to take the OAE Marketing test, it's good to refresh your knowledge of concepts that you'll encounter on exam day. The video lessons in this chapter review merchandising and inventory concepts to ensure you're ready to answer questions on the test that address the following:
- Defining and examining the activities of the merchandising company
- Examining items that make up merchandising inventory
- Analyzing methods and types of inventory cost
- Understanding perpetual and periodic inventory systems
- Getting the gist of recording purchases using the perpetual system
- Describing accounting for inventory purchases and inventory sales
- Analyzing inventory valuation methods
These videos offer a detailed look at merchandising and inventory concepts through entertaining visuals and animations that make learning fun. After watching the videos, test your understanding with the corresponding multiple-choice quizzes and chapter exam.
OAE: Merchandising & Inventory in Marketing Chapter Objectives
The topics covered in this OAE: Merchandising & Inventory chapter are located in the sales, promotions and merchandise control portion of the assessment, which is one of four content areas within this multiple-choice test. The sales, promotions and merchandise control section constitutes 25% of the total test.
As you prepare for the exam, it's good to remember that the goal of the assessment is to gauge your readiness to teach marketing in the classroom and secure your educator license in Ohio. This chapter can get you closer to achieving your goal with comprehensive lessons, full video transcripts, self-assessment quizzes and a chapter exam, all designed to help you fully comprehend merchandising and inventory to ensure you're ready to answer related questions on the test.
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. 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.
5. 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.
6. 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.
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.
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Other chapters within the Ohio Assessments for Educators - Marketing (026): Practice & Study Guide course
- OAE: Principles of Marketing
- OAE: Market Research
- OAE: Marketing Strategy
- OAE: Market Segmentation
- OAE: Product Planning in Marketing
- OAE: Pricing Strategies in Marketing
- OAE: Marketing Channels & Distribution
- OAE: Marketing for Consumer Decision Making
- OAE: Sales Strategy in Marketing
- OAE: Marketing & Promotions
- OAE: Promotional Design in Marketing
- OAE: Macroeconomics & Marketing
- OAE: Microeconomics & Marketing
- OAE: Business Organization
- OAE: Entrepreneurship
- OAE: Finance & Credit
- OAE: Human Resources Management
- OAE: Human Resources & Staffing
- OAE: Business Law for Marketing
- OAE: Business Communication
- OAE: Business Math
- OAE: Business Technology
- OAE: Information Systems
- OAE: Management & Leadership
- OAE: Marketing Education
- OAE: Marketing Careers
- Ohio Assessments for Educators Marketing Flashcards