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Periodic inventory systems - PowerPoint PPT Presentation

Explain the significance and use of a LIFO reserve. Understand the effect of LIFO liquidations.

8. Valuation of Inventories: A Cost-Basis Approach. Identify major classifications of inventory. Distinguish between perpetual and periodic inventory systems. Determine the goods included in inventory and the effects of inventory errors on the financial statements.

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1.43k views • 59 slides

Inventory

7 C H A P T E R Inventory Learning Objective 1 Identify what items and costs should be included in inventory and cost of goods sold. Define Inventory and COGS. What are some of their characteristics? Goods either manufactured or purchased for resale.

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948 views • 57 slides

Valuation of Inventories: A Cost-Basis Approach

Valuation of Inventories: A Cost-Basis Approach. Chapter 8. Learning Objectives. Identify major classifications of inventory. Distinguish between perpetual and periodic inventory systems. Identify the effects of inventory errors on the financial statements.

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1.18k views • 45 slides

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Periodic inventory systems - PowerPoint PPT Presentation

Explain the significance and use of a LIFO reserve. Understand the effect of LIFO liquidations.

Inventory

Valuation of Inventories: A Cost-Basis Approach