Wiley GAAP 2016

22ASC 330 Inventory

1. Perspective and Issues
   1. Subtopic
   2. Scope
   3. Practice Alert
   4. Overview
2. Definitions of Terms
3. Concepts, Rules, and Examples
   1. Ownership of Goods
      1. Goods in Transit
      2. Examples of Goods in Transit
      3. Consignment Arrangements
      4. Example of a Consignment Arrangement
      5. Product Financing Arrangements
      6. Sales Made with the Buyer Having the Right of Return
   2. Accounting for Inventories
   3. Initial Measurement—Valuation of Inventories
      1. Raw Materials and Merchandise Inventory
      2. Example of Recording Raw Material Costs
      3. Inventory Hedges
      4. Manufacturing Inventories
      5. Example of Allocating Fixed Overhead to Units Produced
      6. Example of Variable and Fixed Overhead Allocation
      7. Determining Inventory Cost
      8. Cost Flow Assumptions
      9. First-In, First-Out (FIFO)
      10. Example of the Basic Principles Involved in the Application of FIFO
      11. Last-In, First-Out (LIFO)
      12. Example of the Single Goods (unit) LIFO Approach
      13. Example 1—Identifying Pools
      14. Example 2–Identifying Pools
      15. Example 3–Identifying Pools
      16. Example of the Dollar-Value LIFO Method
      17. Example—Link-Chain Method
      18. Weighted-Average and Moving-Average
      19. Example of the Weighted-Average Method
      20. Comparison of Cost Flow Assumptions
   4. Lower of Cost or Market (LCM)
      1. Example of the Lower of Cost or Market Calculation
      2. Inventory Estimation Methods
      3. Example of the Cost-to-Retail Ratio
      4. Example of the Lower of Cost or Market Rule—FIFO and Average Cost Methods
      5. Example of the LIFO Retail Method
      6. Example of Standard Costing
      7. Other Inventory Valuation Methods
   5. Differences between GAAP and Income Tax Accounting ...