What is a periodic inventory system what is a perpetual

Reference no: EM13387162

1. What is a periodic inventory system? What is a perpetual inventory system? Why might an organization choose one over the other?

2. How do accountants keep track of the number of units sold if they are using the periodic inventory method?

3. What are the four basic cost flow methods for inventory valuation? What are the implications for financial reporting?

4. How might IFRS affect inventory costing if incorporated into US GAAP?

5. Assume your organization has the following inventory changes during the year:

Beginning Inventory 15 units valued at $10,000 each

February purchases 13 units at $11,500 each

June purchases 20 units at $12,000 each

Total Units Used 42

Calculate the value of the ending inventory and the value of the inventory used (the inventory expense) for the year, using both the FIFO and the LIFO method of cost-flow.

Reference no: EM13387162

Questions Cloud

Primary task response your first task is to post your own : part 1primary task response your first task is to post your own key assignment outline to the discussion area so that

What is the impact on your recommendation of the fact that : lasting impressions company lasting impressions li company is a medium-sized commercial printer of promotional

From the attached list choose an institution for your final : from the attached list choose an institution for your final project that has not yet been chosen by a classmate check

Which gaap requires the use of depreciation for assets that : 1. which gaap requires the use of depreciation for assets that have useful lives beyond 1 year? explain why this

What is a periodic inventory system what is a perpetual : 1. what is a periodic inventory system? what is a perpetual inventory system? why might an organization choose

1 what forecasting methods does this company use 2 how does : prepare a 1- to 2-page detailed outline. include information on the following topics1 what forecasting techniques does

Financial performance measures are vitally important to : understanding business metrics as key performance indicators kpis is a key part of business strategy and management. in

Why should interested parties thoroughly review an : 1. why should interested parties thoroughly review an organizations financial statements?2. why are

Illustrate out the term capital structure why should health : 1. what is capital structure? why should health care organizations care about it?2. what is equity

User Account

All Pages