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9 Cards in this Set
- Front
- Back
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LCM vs. LCNRV
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GAAP. VS. IFRS
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inventory valuation - format chart
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date ( purchase. sales) / units ( total units ) / unit cost. / total cost
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cost of goods available
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= beginning + total purchase. = CGS + EI
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inventory valuation question
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1 how much is CGS ? 2 how much is EI? 3 LIFO ( periodic) vs LIFO ( perpetual ) LIFO periodic: most recent purchase without regard for whether they were even on hand at the term of sale ( 기간의 마지막 날 purchase)
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inventory vs CGS
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understated beginning inventory. ----- understate. CGS ( BI understate cost of goods avialable, cga. - EI = cgs) overstated EI understates CGS
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dollar value LIFO
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date ( 2001) // current inventory price Y/E. ( 200k) // inventory at base year. ( 200k) //price index. // layer at base year ( 200k × 100%) //dollar value LIFO 2002// 299k // 260k // 115// 200k × 100% 60K × 115% // 200k. 69k
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moving average CGS
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step 1. : total units. step2: total costs. step3: unit costs ( total cost. - total unit ) step4: unit costs × unit of sales = total cost. CGS. step 5: new balance
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purchase discount. vs CGS
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purchase discount reduces CGS. not revenue
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percentage of completion
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current asset exist when up to date cost paid ( 2M) > progressive billing ( 1.8M) current liability exist when progress billing > up to cost paid
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