TAILIEUCHUNG - Lecture Financial accounting: Tools for business decision-making (7th edition) – Chapter 6

Chapter 6 - Reporting and analyzing inventory. This chapter include objectives: Describe the steps in determining inventory quantities; apply the cost formulas using specific identification, FIFO, and average cost under a perpetual inventory system; explain the effects on the financial statements of choosing each of the inventory cost formulas;. | CHAPTER 6: REPORTING AND ANALYZING INVENTORY LO 1: Describe the steps in determining inventory quantities. LO 2: Apply the cost formulas using specific identification, FIFO, and average cost under a perpetual inventory system. LO 3: Explain the effects on the financial statements of choosing each of the inventory cost formulas. LO 4: Identify the effects of inventory errors on the financial statements. LO 5: Demonstrate the presentation and analysis of inventory. LO 6: Apply the FIFO and average cost formulas under a periodic inventory system (Appendix 6A). LEARNING OBJECTIVES Whether companies use a periodic or perpetual system, physical inventory must still be counted at the end of the period: To check the accuracy of the perpetual inventory records To determine the amount of inventory lost to shrinkage or theft Determining Inventory Quantities Need to consider ownership of goods when taking inventory Goods in transit at the end of the period make the determination of ownership more

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