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Unformatted text preview: How do you calculate cost of goods sold? c. Describe the LIFO method. How do you calculate ending inventory? How do you calculate cost of goods sold? d. Describe the average cost/weighted-average method. How do you calculate the average cost per unit? How do you calculate ending inventory? How do you calculate cost of goods sold? e. How are the cost flow assumptions applied differently under the periodic versus perpetual systems? f. How does choice of cost flow assumption affect the financial statements (e.g., income statement, balance sheet) and taxes? VI. LIFO issues a. Define LIFO reserve. Define LIFO effect. b. What is LIFO liquidation? Why is it a problem? c. Dollar-value LIFO i. How is its focus different from “regular LIFO?” ii. Describe or show how to apply dollar-value LIFO. iii. How do you compute a price index?...
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This note was uploaded on 03/01/2010 for the course ACCT 30602E taught by Professor Darland during the Fall '09 term at Buena Vista.
- Fall '09