 | CAP Learning Objectives
(See related pages)
Conceptual
- Identify the items making up merchandise inventory. (p. 222)
- Identify the costs of merchandise inventory. (p. 223)
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| | | Analytical
- Analyze the effects of inventory methods for both financial and tax reporting. (p. 229)
- Analyze the effects of inventory errors on current and future financial statements. (p. 232)
- Assess inventory management using both inventory turnover and days' sales in inventory. (p. 233)
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| | | Procedural
- Compute inventory in a perpetual system using the methods of specific identification, FIFO, LIFO, and weighted average. (p. 224)
- Compute the lower of cost or market amount of inventory. (p. 231)
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