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Perspective and Issues
Definitions of Terms
Concepts, Rules, and Examples
Ownership of Goods
Goods in transit
Examples of goods in transit
Example of a consignment arrangement
Product financing arrangements
Sales made with the buyer having the right of return
Accounting for Inventories
Initial Measurement - Valuation of Inventories
Raw materials and merchandise inventory
Example of recording raw material costs
Example of allocating fixed overhead to units produced
Example of variable and fixed overhead allocation
Determining inventory cost
Cost flow assumptions
First-in, first-out (FIFO)
Example of the basic principles involved in the application of FIFO
Last-in, first-out (LIFO)
Example of the single goods (unit) LIFO approach
Example 1 – Identifying Pools
Example 2 – Identifying Pools
Example 3 – Identifying Pools
Example of the dollar-value LIFO method
Example – link-chain method
Weighted-average and moving-average
Example of the weighted-average method
Comparison of cost flow assumptions
Lower of Cost or Market (LCM)
Example of the lower of cost or market calculation
Inventory estimation methods
Example of the cost-to-retail method
Example of the lower of cost or market rule – FIFO and average-cost methods
Example of the LIFO retail method
Example of standard costing
Other inventory valuation methods
Differences between GAAP and Income Tax Accounting for Inventories ...
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