Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
4 Cards in this Set
- Front
- Back
|
FOB Shipping point? FOB Destination? |
FOB Shipping point-buyer pays-Freight in is part of inventory cost FOB Destination-seller pays |
|
|
Market value Replacement value Market Ceiling Market Floor |
Market value: middle value of replacement cost, market ceiling and market floor
Replacement value: cost to purchase the item of inventory as of the valuation date Market Ceiling=NRV= net selling price- costs to complete and dispose Market Floor=NRV-Profit margin |
|
|
Periodic Inventory System Perpetual |
Periodic Begin. Inv. +Purchase(temporary-net of returns&discount) =COGS avai. for sale -End. Inv =COGS (Plug-shortage) So no COGS util period end, only record rev. No purchase in Perpetual |
|
|
LIFO FIFO which not allowed under IFRS? Price goes up? How to calculate inv. under Perpetual and Periodic?? |
No LIFO in IFRS if Price goes up, FIFO, End Inv- Expensive, Cheap Inv goes out on I/S, COGS understate- Higher Profit- Higher tax liability Ending Inv. and COGS is the same under FIFO no matter Perpetual or periodic. So use periodic, faster! |
