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Wiley GAAP 2021, 2nd Edition
book

Wiley GAAP 2021, 2nd Edition

by Joanne M. Flood
March 2021
Intermediate to advanced content levelIntermediate to advanced
1424 pages
51h 16m
English
Wiley
Content preview from Wiley GAAP 2021, 2nd Edition

22ASC 330 INVENTORY

  1. Perspective and Issues
    1. Subtopic
    2. Scope
    3. Overview
      1. Issues
      2. Classification
  2. Definitions of Terms
  3. Concepts, Rules, and Examples
    1. Accounting for Inventories
      1. Periodic Inventory System
      2. Perpetual Inventory System
    2. Control of Goods
      1. Goods in Transit
      2. Examples of Goods in Transit
    3. Other Control Issues
      1. Example of a Consignment Arrangement
    4. Costs Included in Inventory
      1. Merchandise Inventory
      2. Manufacturing Inventories
      3. Example of Recording Raw Material Costs
      4. Example of Allocating Fixed Overhead to Units Produced
      5. Example of Variable and Fixed Overhead Allocation
      6. Allocation of pool #1—costs to production
      7. Allocation of pool #2—costs to production
      8. Allocating Overhead to Products in Costs of Goods Sold and Finished Goods Inventory
    5. Cost Flow Assumptions
      1. Specific Identification
      2. Average Cost
      3. Example of the Weighted‐Average Method
      4. First‐in, First‐out (FIFO)
      5. Example of the Basic Principles Involved in the Application of FIFO
      6. Last‐in, First‐out (LIFO)
      7. Example of the Single Goods (Unit) LIFO Approach
      8. Example 1—Identifying Pools
      9. Example 2—Identifying Pools
      10. Example 3—Identifying Pools
      11. Example of the Dollar‐Value LIFO Method
      12. Example—Link‐Chain Method
      13. Comparison of Cost Flow Assumptions
    6. Other Issues
      1. Inventory Purchases and Sales with the Same Counterparty
      2. Inventory Hedges
    7. Valuation Issues
    8. Lower of Cost or Net Realizable Value
    9. Lower of Cost or Market (LCM)
      1. Example of the Lower of Cost or Market Calculation
      2. Retail Inventory Method
      3. Cost‐to‐Retail Calculation
      4. Example of the Retail ...
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Publisher Resources

ISBN: 9781119736172