Chapter8ValuationofInventoriesACostBasisApproach.docVIP

Chapter 8: Valuation of Inventories: A Cost Basis Approach Course Objectives: Review the Accounting Cycle and Financial Statements: Chapters 1-5 √ Introduce the Concept of the time value of money: Chapter 6 √ Discuss accounting for: Cash: Chapter 7 √ Receivables: Chapter 7 √ Inventory: Chapter 8 and 9 Inventory Classification and Control: Classification (see financial statement presentation in Illustration 8-1, p369): Inventory: goods available for resale. (For manufacturing company, inventory includes: Raw Materials, Work-in-Process, and Finished Goods.) Merchandising Company: _______