I-08.01 Worksheet

I-08.01 Worksheet - a lower of cost or market adjustment?...

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Name: Date: Section: I-08.01 CORRECTIONS ARE NOTED IN BLUE: QUESTION Are "finished goods" synonymous with "cost of goods sold?" ANSWER QUESTION How does the negotiation of freight terms impact total inventory? ANSWER QUESTION Are consigned goods included in inventory? ANSWER QUESTION Is "inventory" also called "cost of goods available for sale"? ANSWER QUESTION How does LIFO result in cash savings during a period of rising prices? ANSWER QUESTION Will a periodic and perpetual system give me the same results? ANSWER QUESTION If I know I can sell my inventory at more that cost, will I ever need to record
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Unformatted text preview: a lower of cost or market adjustment? ANSWER 1 of 2 Name: Date: Section: I-08.01 QUESTION It seems like the "gross profit" method is much simpler than FIFO, LIFO, or average costing. Can I use it as my primary inventory valuation technique? ANSWER QUESTION How can I use the retail inventory technique to estimate inventory theft? ANSWER QUESTION What's the big deal if I undercount ending inventory? The goods are still there so there is no real problem, right? ANSWER 2 of 2...
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.

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I-08.01 Worksheet - a lower of cost or market adjustment?...

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