Inventory-S

Inventory-S - CORPORATE FINANCIAL REPORTING Reporting of...

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· 1 CORPORATE FINANCIAL REPORTING Reporting of Inventories
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I NVENTORY Outline I . Acquisition Whose inventory is it? What is inventory’s cost? I I . Sale Perpetual vs. Periodic I I I . Valuation Cost flow assumption Lower of cost or market (LoCoM) I V. Estimating inventory 2 Inventories
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I NVENTORY Whose Inventory is it? Our Our Supplier Company 3 Inventories
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I NVENTORY What is Inventory’s Cost? All costs of acquiring the inventory and getting it ready for sale. 4 Inventories
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I NVENTORY What is Inventory’s Cost? OUR COMPANY BUI LDS DESKS: I N JANUARY: CO. BUYS SOME LUMBER, COST $4,000 (enough for 80 DESKS) CO. PAYS $100 DELI VERY CH ARGE 5 Inventories
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I NVENTORY What is Inventory’s Cost? FEBRUARY: Employee starts work on ½ of the wood (40 desks). The company rents tools for $100/month. Employee uses $30 worth of sandpaper. Employee uses $40 worth of fasteners. Factory uses $200 of utilities. Administrative offices use $100 of utilities. (continued) 6 Inventories
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I NVENTORY What is Inventory’s Cost?
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This note was uploaded on 05/31/2008 for the course MBAC 6080 taught by Professor Vossen during the Spring '08 term at Colorado.

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Inventory-S - CORPORATE FINANCIAL REPORTING Reporting of...

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