Intro to Financial Accounting 5
- Identify the items making up merchandise inventory.
- Identify the costs of merchandise inventory.
- Analyze the effects of inventory methods for both financial and tax reporting.
- Analyze the effects of inventory errors on current and future financial statements.
- Assess inventory management using both inventory turnover and days’ sales in inventory.
- Compute inventory in a perpetual system using the methods of specific identification, FIFO, LIFO, and weighted average.
- Compute the lower of cost or market amount of inventory.
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