Jul 16, 2017 Research papers

Inventory Accounting

This paper concentrates on the primary theme of Inventory Accounting in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.

Inventory Accounting

INSTRUCTIONS:

After reading Greenberg and Wilner’s article, “Teaching Inventory Accounting: A Simple Learning Strategy to Achieve Student Understanding” (2011), found at: Greenberg, R. K. & Wilner, N.A. (2011). Teaching inventory accounting: A simple learning strategy to achieve student understanding . Issues in Accounting Education, 26(4): 835-844



Discuss why you think the authors’ statement below causes confusion among students in regard to understanding the differences among FIFO, LIFO, and average cost:



Students have a difficult time understanding the difference between the physical flow of inventory and the cost flow assumption. Specifically, they do not understand that the actual physical flow of goods relates to a process undertaken by a manufacturer or merchandiser, while the cost flow assumption relates to accounting reporting conventions. The physical flow does not have to be the same as the cost flow assumption(p.836).

CONTENT:

Inventory Accounting Name Course Instructor Date The inventory system in place determines how to calculate the cost of goods for all sales transactions in a company. As such, the allocation of costs to the cost of goods as well as the ending inventory typically follows the LIFO system in line wi

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