Wiley GAAP 2018, 16th Edition

25ASC 330 Inventory

1. Perspective and Issues
   1. Technical Alert
      1. ASU 2015-11, Inventory (Topic 330) Simplifying the Measurement of Inventory
   2. Subtopic
   3. Scope
   4. Practice Alert
   5. 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. Example of a consignment arrangement
   2. Accounting for Inventories
      1. Periodic inventory system
      2. Perpetual inventory system
   3. Initial Measurement—Valuation of Inventories
      1. Raw materials and merchandise inventory
      2. Example of recording raw material costs
      3. Inventory purchases and sales with the same counterparty
      4. Inventory hedges
      5. Manufacturing inventories
      6. Example of allocating fixed overhead to units produced
      7. Example of variable and fixed overhead allocation
      8. Allocating overhead to products in costs of goods sold and finished goods inventory
      9. Cost Flow Assumptions
      10. Example of the basic principles involved in the application of FIFO
      11. Example of the single goods (unit) LIFO approach
      12. Example 1—identifying pools
      13. Example 2—identifying pools
      14. Example 3—identifying pools
      15. Example of the dollar-value LIFO method
      16. Example—link-chain method
      17. Average cost
      18. Example of the weighted-average method
      19. Comparison of cost flow assumptions
   4. Valuation Issues
   5. 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 ...