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L16 notes_Part_3 - footnote on methods applied inventory...

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© W.R. Knechel Inventory Analysis Valuation Existence P1 * Q1 = P1Q1 assume specific ID for simplicity P2 * Q2 = P2Q2 P3 * Q3 = P3Q3 P4 * Q4 = P4Q4 (fictitious) = = = Pn * Qn = PnQn Total Inventory PzQz not included in inventory (Completeness ) client’s inventory on consignment elsewhere part of warehouse excluded multilocation inventory and one location excluded must accept inventory at supplier due to L-T contract cust. has right to unconditional return FOB destination Ownership - Rights and Obligations consignment cutoff Representation and Disclosure
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