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What are the different types of inventories

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Questions -

1. What are the different types of inventories?

2. What is the difference in bookkeeping that takes place between the periodic and perpetual approaches?

3. What are the complicating situations for determining which items should be counted as part of inventory?

4. What are the three primary cost flow assumptions, and how would management choose among them?

5. How do different cost flow assumptions impact what is reflected on the balance sheet and income statement?

6. Why do we need to discuss LIFO liquidations in the notes to F/S? What do they tell F/S readers?

Reference no: EM132718082

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