What is inventory in context of manufacturing and merchandising business environment? What types of inventories are commonly maintained by manufacturing and merchandising companies?
What are perpetual and periodic systems of inventory costing? What are advantages and disadvantages of these two inventory systems?
What are FIFO, LIFO and weighted average cost flow assumptions? How are they used under perpetual and periodic inventory systems? What are advantages and disadvantages of employing these cost flow assumptions in businesses?
How are the cost of inventories and cost of goods sold determined under specific identification method? What are advantages and disadvantages of using specific identification method?
What is LIFO liquidation? How does LIFO liquidation impacts an entity’s annual tax bill?
What is a dollar value LIFO method? How does it differ from a traditional LIFO approach? In which situations a dollar value LIFO method is a better choice to follow?
What is LIFO reserve? How can it be computed and used by a business entity?