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Why ending inventory must be reported by lower of cost

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Reference no: EM132538622

Question 1: The definition of Inventory and Inventory cost .

Question 2: What is the difference between perpetual system and periodic system as inventory system .

Question 3: What is the difference between FIFO , LIFO and weighted average methods and its advantages / disadvantages.

Question 4: What about the opinion of Egyptian accounting standards in the previous methods and the recommendation standard No.(2). Or International accounting standards if available .

Question 5: Define the consistency principle and the related announcement in the same accounting standards .

Question 6: Why ending Inventory must be reported by lower of cost or Market LCM

Question 7: What is the effects of Inventory errors on financial statements .

Reference no: EM132538622

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