Acct Chapter 6 - Learning Objectives ● After studying...

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Learning Objectives After studying this chapter, you should be able to: OBJ 1 Describe the importance of control over inventory. Control of Inventory Safeguarding Inventory Reporting Inventory OBJ 2 Describe three inventory cost flow assumptions and how they impact the income statement and balance sheet. Inventory Cost Flow Assumptions Example Exercise 6-1 OBJ 3 Determine the cost of inventory under the perpetual inventory system, using the FIFO, LIFO, and weighted average cost methods. Inventory Costing Methods Under a Perpetual Inventory System First-In, First-Out Method Example Exercise 6-2 Last-In, First-Out Method Example Exercise 6-3 Weighted Average Cost Method Example Exercise 6-4 Computerized Perpetual Inventory Systems OBJ 4 Determine the cost of inventory under the periodic inventory system, using the FIFO, LIFO, and weighted average cost methods. Inventory Costing Methods Under a Periodic Inventory System First-In, First-Out Method Example Exercise 6-5 Last-In, First-Out Method Example Exercise 6-5 Weighted Average Cost Method Example Exercise 6-5 OBJ 5 Compare and contrast the use of the three inventory costing methods. Comparing Inventory Costing Methods OBJ 6 Describe and illustrate the reporting of merchandise inventory in the financial statements. Reporting Merchandise Inventory in the Financial Statements Valuation at Lower of Cost or Market Example Exercise 6-6 Merchandise Inventory on the Balance Sheet
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  • Fall '14
  • verma
  • Periodic Inventory System, Computerized Perpetual Inventory Systems, inventory cost flow assumptions

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