After studying this chapter, you should be able to:
Identify major classifications of inventory.
Distinguish between perpetual and periodic inventory systems.
Determine the goods included in inventory and the effects of inventory errors on the financial statements.
Understand the items to include as inventory cost.
Describe and compare the cost flow assumptions used to account for inventories.
Explain the significance and use of a LIFO reserve.
Understand the effect of LIFO liquidations.
Explain the dollar-value LIFO method.
Identify the major advantages and disadvantages of LIFO.
Understand why companies select given inventory methods.
CHAPTER ONE : INVENTORY COST AND COST FLOW ASSUMPTION
CH 1 : LEARNING OBJECTIVES
CH 1 Lesson : INVENTORIES COST AND COST FLOW ASSUMPTIONS
CH 1 : Assignment
CH 1 : Test or Quiz
CHAPTER TWO : INVENTORY SPECIAL VALUATION METHOD
CH 2 : Learning Objectives
CH 2 Lesson : THE GROSS PROFIT METHOD OF ESTIMATING INVENTORY
Assignment : INDIVIDUAL ASSIGNMENT FOR 2ND YEAR STUDENTS
CHAPTER THREE : CURRENT LIAB. & CONTINGENCIES
CH 3 : Learning Objectives
CH 3 Lesson: Current Liabilities & Contingencies
CHAPTER FOUR : PLANT ASSETS ACQUISITION AND DISPOSAL
CH 4 : Learning Objectives
CH 4 Lesson : Acquisition and Disposition of Property, Plant, and Equipment
CHAPTER FIVE : PLANT ASSET DEPRECIATION
CH 5.1 : Learning Objectives
CH 5.2 : Learning Objectives
CH 5 Lesson : PLANT ASSET DEPRECIATION
CHAPTER SIX : LONG TERM DEBT/BOND
CH 6 : Learning Objectives
CH 6 Lesson : LONG TERM DEBT/BOND