Unformatted text preview: under four inventory costing methods: FIFI, LIFO, weighted average cost, and specific identification 3. The different effect of FIFI, LIFO and weighted average cost on Cost of goods sold, ending inventory, gross profit, pretax income, income tax and net income in periods of inflation and deflation 4. Lower of cost or market 5. Inventory turnover ratio 6. The effect of errors in measuring inventory on income statement and balance sheet Chapter 8 1. Acquisition cost of tangible assets 2. Capital expenditure and revenue expenditure 3. Depreciation expense, accumulative depreciation and book value of long-term assets each year under three depreciation methods: straight-line, units of production, and double-declining-balance 4. The effects of each depreciation method on depreciation expense, net income and total assets 5. disposal of long-term tangible assets 6. Intangible assets and amortization...
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- Fall '08
- Net Income, Generally Accepted Accounting Principles, weighted average cost