Of the 3 common inventory methods (LIFO, FIFO, or average cost), which method is used the most and why?
What is the actual purchase price of goods?
What is the difference between gross sales and net sales?
With constant price changes in the economy, how does management assign a value to its inventory?
Understand Inventory fundamentals and Classification
Identity Cost Flow Assumptions.
Examine the outcomes of cost flow assumption choice on the Balance Sheet.
Analyze the impact of inventory methods on net income or loss
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