L16 notes_Part_3 - footnote on methods applied inventory...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
© 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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: footnote on methods applied inventory held as collateral must be disclosed W.R. Knechel Inventory Analysis Pi is incorrect Valuation Tests which involve dollars usually relate to valuation. Perpetual inventory observation 1) GAAP method? LIFO valuation improper, O/H improperly applied. 2) Consistently applied, 3)LCM Source documentation Obsolescence (Valuation) catalog observation rust dust damage spoilage age wear competition and technological obsolescence inquiry large inventory balance of a particular product knowledge of industry trends TDR-42...
View Full Document

This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

Page1 / 2

L16 notes_Part_3 - footnote on methods applied inventory...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online