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Explain the basis of accounting for inventories

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Reference no: EM132697074

Question 1: How do the shipping terms (FOB shipping point and FOB destination) affect ownership of goods?

Question 2: What are terms and give an example of terms on an account.

Question 3: Explain the basis of accounting for inventories and apply the inventory cost flow methods- FIFO, LIFO, and average-cost-under a periodic inventory system. Discuss the differences between the physical movement of goods and cost flow assumptions.

Question 4: Discuss the effects on the income statement and balance sheet and tax effects of each of the inventory cost flow assumptions-FIFO, LIFO, and average-cost.

Question 5: What is the lower-of-cost-or-market (LCM) basis of accounting for inventories? Describe the application of LCM.

Question 6: What is the inventory turnover ratio? How is it computed? How is it used by external users and management?

Question 7: What is the LIFO reserve? Explain its importance for comparing results of different companies.

Reference no: EM132697074

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