Chapter 8-1 Valuation of Inventories: A Cost-Basis Approach Chapter8 Intermediate Accounting 12th Edition Kieso, Weygandt, and Warfield Prepared by Coby.

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Chapter 8-1 Valuation of Inventories: A Cost-Basis Approach Chapter8 Intermediate Accounting 12th Edition Kieso, Weygandt, and Warfield Prepared by Coby Harmon, University of California, Santa Barbara

Chapter 8-2 Inventory information for Part 686 for the month of June. June 1 Beg. Balance 300 $10 = $ 3,000 10Sold 200 $24 11Purchased 800 $12 =9, Sold 500 $25 20 Purchased 500 $13 =6, Sold 300 $27 Example – Perpetual and Periodic Methods Cost Flow Assumptions LO 5 Describe and compare the cost flow assumptions used to account for inventories. 1.Assuming the Perpetual Inventory Method, compute the Cost of Goods Sold and Ending Inventory under FIFO, LIFO, and Average cost. 2.Assuming the Periodic Inventory Method, compute the Cost of Goods Sold and Ending Inventory under FIFO, LIFO, and Average cost. Goods Available $19,100

Chapter 8-3 Cost Flow Assumptions LO 5 Describe and compare the cost flow assumptions used to account for inventories. Perpetual Inventory FIFO Method +

Chapter 8-4 Cost Flow Assumptions LO 5 Describe and compare the cost flow assumptions used to account for inventories. Perpetual Inventory FIFO Method + Look another example illustration (8-15) Page 383

Chapter 8-5 Cost Flow Assumptions LO 5 Describe and compare the cost flow assumptions used to account for inventories. Perpetual Inventory LIFO Method +

Chapter 8-6 Cost Flow Assumptions LO 5 Describe and compare the cost flow assumptions used to account for inventories. Perpetual Inventory LIFOMethod LIFO Method + Look another example illustration (8-17) Page 384

Chapter 8-7 Cost Flow Assumptions LO 5 Describe and compare the cost flow assumptions used to account for inventories. Perpetual Inventory Moving Average Cost per unit sold is determined by dividing total inventory $ by total units on hand after each purchase. +

Chapter 8-8 Cost Flow Assumptions LO 5 Describe and compare the cost flow assumptions used to account for inventories. Perpetual Inventory Moving Average Cost per unit sold is determined by dividing total inventory $ by total units on hand after each purchase. +

Chapter 8-9 Cost Flow Assumptions LO 5 Describe and compare the cost flow assumptions used to account for inventories. Perpetual Inventory Moving Average + Look another example illustration (8-13) Page 382

Chapter 8-10 Cost Flow Assumptions LO 5 Describe and compare the cost flow assumptions used to account for inventories. Periodic Inventory FIFO Method +

Chapter 8-11 Cost Flow Assumptions LO 5 Describe and compare the cost flow assumptions used to account for inventories. Periodic Inventory LIFO Method +

Chapter 8-12 Cost Flow Assumptions LO 5 Describe and compare the cost flow assumptions used to account for inventories. Periodic Inventory Weighted Average +