a distinguish between costs included in inventories and costs recognized as expenses in the period in which they are incurred; Flashcards
Costs included in inventories
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Costs recognized as expenses in the period in which they are incurred
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Distinguish between costs included in inventories and Costs recognized as expenses in the period in which they are incurred
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Inventory valuation methods aka
cost formulas
Describe different cost formulas
(inventory valuation methods)
Calculate the cost of sales and ending inventory using LIFO
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Calculate the cost of sales and ending inventory using FIFO
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Calculate the cost of sales and ending inventory using ( w/e else )
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Explain the effect of LIFO on gross profit
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Explain the effect of FIFO on gross profit
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Explain the effect of ( ) on gross profit
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Calculate cost of sales using perpetual inventory systems
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Calculate gross profit using perpetual inventory systems
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Calculate Ending Inventory using perpetual inventory systems.
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Calculate gross profit using periodic inventory systems
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Calculate cost of sales using periodic inventory systems
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Calculate Ending Inventory using periodic inventory systems
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Perpetual inventory systems
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Periodic inventory systems
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Compare cost of sales, E.I., Gross Profit using different inventory valuation methods
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Describe the measurement of inventory at the lower of cost and net realisable value
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Describe the financial statement presentation of and disclosures relating to inventories
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Calc, interpret ratios uses to evaluate inventory management
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Ratios used to evaluate inventory management
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