the relevant authoritative literature, Accounting Basics

Assignment Help:

Determining the physical quantity that should be contained in inventory normally is a simple matter because that amount have of items in the possession of the company. The cost of inventory contains all essential expenditures to acquire the inventory and bring it to its desired condition and location for sale or for use in the manufacturing process.

Required:

1. Obtain the relevant authoritative literature on the lower- of- cost- or- market rule for valuing inventory using the FASB's Codification Research System. Justify the circumstances in which inventory is stated at the lower of cost or market. What are the specific citations that talk about the level of aggregation that should be used in applying the LCM rule? Summarize the discussion.

2. Explain the specific citation for each of the following items: 1. The income statement presentation of losses from the write- down of inventory. 2. The determination of market value for applying LCM to inventory. 3. The accounting treatment needed for a correction of an inventory error in previously issued financial statements. 4. The use of the retail method to value inventory.

 


Related Discussions:- the relevant authoritative literature

What is the fair labor standard act, What is the Fair labor standard act ...

What is the Fair labor standard act Fair labor standard act (Wages and Hours Law) establishes standards for minimum wages, child labor, overtime pay, required payroll record

Explain user account control in windows vista, User account control is mean...

User account control is meant to allow users to run with standard user rights, as opposed to administrative rights. Administrative rights provide users the ability to read and chan

Consolidation, I have an accounting consolidation project due may 15th I se...

I have an accounting consolidation project due may 15th I seen a problem here with the exception of a few # changes was wanting a quote to help with this project

Defination of Accounting, Define Accounting. Briefly explain the accounting...

Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.on..

Quote please, Hi there, I was just wondering I''m not to sure how to descri...

Hi there, I was just wondering I''m not to sure how to describe my assignment, the subject is ACCOUNTING for university level... and it is 100 Level never don''t this paper in high

The hardware from another defective device , Assume we are a trading compan...

Assume we are a trading company giving devices and sometimes after sales service. when any fault came we just replace the hardware from another defective device and getting the pay

Imprest system, at the end of May he has a voucher for expenditure of $270 ...

at the end of May he has a voucher for expenditure of $270 and a balance in hand of $30. explain what the imprest amount is

What is depreciation, Q. What is Depreciation? Depreciation -- an expen...

Q. What is Depreciation? Depreciation -- an expense which is supposed to reflect the loss in value of a fixed asset. Forinstance if a machine will entirely wear out after ten y

Central Depository System, I am requesting for literature review and past s...

I am requesting for literature review and past studies on CDS.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd