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Basic Instructions for FIFO Inventory Method
Basic Instructions for FIFO Inventory Method under the periodic system.
From Mary
Chapter Chapter
99
Inventories Inventories
Accounting,
21
st
EditionWarren Reeve Fess
PowerPoint Presentation by Douglas Cloud
Professor Emeritus of AccountingPepperdine University
© Copyright 2004 South-Western, a divisionof Thomson Learning. All rights reserved.
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Some of the action has been automated,so click the mouse when you see thislightning bolt in the lower right-handcorner of the screen. You can point andclick anywhere on the screen.
Some of the action has been automated,so click the mouse when you see thislightning bolt in the lower right-handcorner of the screen. You can point andclick anywhere on the screen.
1.Summarize and provide examples of internal controlprocedures that apply to inventories.2.Describe the effect of inventory errors on the financialstatement.3.Describe the three inventory cost flow assumptionsand how they impact the income statement andbalance sheet.4.Compute the cost of inventory under the perpetualinventory system, using the following cost methods:first-in, first-out; last-in, first-out; average cost.
ObjectivesObjectives
ObjectivesObjectives
After studying this After studying thischapter, you should chapter, you should be able to:be able to:
After studying this After studying thischapter, you should chapter, you should be able to:be able to:
of 00
Inventories
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