{"id":40251,"date":"2025-10-14T13:55:52","date_gmt":"2025-10-14T13:55:52","guid":{"rendered":"https:\/\/certifeka-edu.com\/programs\/finance-for-strategic-managers-accounting-professional-certificate-2\/lessons\/lesson-5-consistency-concept-2\/"},"modified":"2025-10-14T13:55:52","modified_gmt":"2025-10-14T13:55:52","slug":"lesson-5-consistency-concept-2","status":"publish","type":"lesson","link":"https:\/\/certifeka-edu.com\/ar\/programs\/sample-course\/lessons\/lesson-5-consistency-concept-2\/","title":{"rendered":"Lesson 5: Consistency concept"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" width=\"96\" height=\"114\" src=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/04\/logos-png-01-296x57-1.png\" alt=\"\" srcset=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/04\/logos-png-01-296x57-1.png 96w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/04\/logos-png-01-296x57-1-10x12.png 10w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/04\/logos-png-01-296x57-1-42x50.png 42w\" sizes=\"auto, (max-width: 96px) 100vw, 96px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<h2>Lesson 5: Accounting for Merchandise inventory<br \/>\n<\/h2>\n<h3>Consistency concept:<\/h3>\n<h5>Whatever cost flow method a company chooses, it should use that method consistently from one accounting period to another. Which means that a company uses the same accounting principles and methods from year to year<\/h5>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"512\" src=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/07\/example.png\" alt=\"\" srcset=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/07\/example.png 512w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/07\/example-300x300.png 300w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/07\/example-150x150.png 150w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/07\/example-12x12.png 12w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/07\/example-410x410.png 410w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/07\/example-50x50.png 50w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<h5>To illustrate the 3 inventory cost flow methods, we will use the data for Houston Electronics&#8217; Astro condensers;<\/h5>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"660\" height=\"223\" src=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept1.jpg\" alt=\"\" srcset=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept1.jpg 856w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept1-300x101.jpg 300w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept1-768x259.jpg 768w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept1-18x6.jpg 18w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept1-600x203.jpg 600w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept1-148x50.jpg 148w\" sizes=\"auto, (max-width: 660px) 100vw, 660px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<h5>The cost of goods sold formula in a periodic system is (Beginning Inventory + Purchase) &#8212; Ending Inventory = Cost of Goods Sold<\/h5>\n<h3>Cost flow methods<br \/>\n<\/h3>\n<h5>FIRST-IN, FIRST-OUT (FIFO)<\/h5>\n<h5>(FIFO) method assumes that the earliest goods purchased are the first to be sold. Accordingly, the costs of the earliest goods purchased are the first to be recognized in determining cost of goods sold.<br \/>The cost of goods sold formula in a periodic system is (Beginning Inventory + Purchase) &#8212; Ending Inventory = Cost of Goods Sold<\/h5>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"512\" src=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/07\/example.png\" alt=\"\" srcset=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/07\/example.png 512w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/07\/example-300x300.png 300w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/07\/example-150x150.png 150w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/07\/example-12x12.png 12w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/07\/example-410x410.png 410w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/07\/example-50x50.png 50w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<h5>The cost of goods sold formula in a periodic system is (Beginning Inventory + Purchase) &#8212; Ending Inventory = Cost of Goods Sold<\/h5>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"660\" height=\"158\" src=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept2.jpg\" alt=\"\" srcset=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept2.jpg 857w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept2-300x72.jpg 300w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept2-768x184.jpg 768w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept2-18x4.jpg 18w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept2-600x144.jpg 600w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept2-209x50.jpg 209w\" sizes=\"auto, (max-width: 660px) 100vw, 660px\" \/><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"430\" height=\"159\" src=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept3.jpg\" alt=\"\" srcset=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept3.jpg 430w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept3-300x111.jpg 300w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept3-18x7.jpg 18w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept3-135x50.jpg 135w\" sizes=\"auto, (max-width: 430px) 100vw, 430px\" \/><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"431\" height=\"151\" src=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept4.jpg\" alt=\"\" srcset=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept4.jpg 431w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept4-300x105.jpg 300w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept4-18x6.jpg 18w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept4-143x50.jpg 143w\" sizes=\"auto, (max-width: 431px) 100vw, 431px\" \/><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"423\" height=\"193\" src=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept5.jpg\" alt=\"\" srcset=\"https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept5.jpg 423w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept5-300x137.jpg 300w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept5-18x8.jpg 18w, https:\/\/certifeka-edu.com\/wp-content\/uploads\/2025\/08\/Consistency-concept5-110x50.jpg 110w\" sizes=\"auto, (max-width: 423px) 100vw, 423px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<h5>Companies also can calculate Cost of goods sold by pricing the 550 units sold using the prices of the first 550 units acquired<\/h5>\n<h5>LAST-IN, FIRST-OUT (LIFO)<\/h5>\n<h5>(LIFO) method assumes that the latest goods purchased are the first to be sold. Accordingly, the costs of the latest goods purchased are the first to be recognized in determining cost of goods sold.<\/h5>","protected":false},"comment_status":"open","ping_status":"closed","template":"","class_list":["post-40251","lesson","type-lesson","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Lesson 5: Consistency concept - Certifeka-edu<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/certifeka-edu.com\/ar\/programs\/sample-course\/lessons\/lesson-5-consistency-concept-2\/\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lesson 5: Consistency concept - Certifeka-edu\" \/>\n<meta property=\"og:description\" content=\"Lesson 5: Accounting for Merchandise inventory Consistency concept: Whatever cost flow method a company chooses, it should use that method consistently from one accounting period to another. 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