中级财务会计英文ch05.pptxVIP

Inventories: Basic Valuation Methods Special Valuation MethodsChapter 5Intermediate Accounting12th EditionKieso, Weygandt, and Warfield Prepared by Coby Harmon, University of California, Santa BarbaraLearning ObjectivesDescribe how inventory accounts are classified.Explain the uses of perpetual and periodic inventory systems.Identify how inventory quantities are determined.Determine the cost of inventory.Compute ending inventory and cost of goods sold under specific identification, FIFO, average cost, and LIFO.Explain the conceptual issues regarding alternative inventory cost flow assumptions