TAILIEUCHUNG - Lecture Issues in financial accounting – Lecture 10: Valuation of inventories issues

In this chapter, the following content will be discussed: Describe the steps in determining inventory quantities, explain the accounting for inventories and apply the inventory cost flow methods, explain the financial effects of the inventory cost flow assumptions. | Valuation of Inventories Issues PART II: Corporate Accounting Concepts and Issues Lecture 10 Identify major classifications of inventory. Distinguish between perpetual and periodic inventory systems. Identify 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. Learning Objectives Inventory Issues Physical Goods Included in Inventory Costs Included in Inventory Cost Flow Assumptions LIFO: Special Issues Classification Cost flow Control Basic inventory valuation Basis for Selection Goods in transit Consigned goods Special sales agreements Inventory errors Product costs Period costs Purchase discounts .

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