 | Inventories: Additional Issues
After studying this chapter, you should be able to:- LO1 Understand and apply the lower-of-cost-or-market rule used to value inventories.
- LO2 Estimate ending inventory and cost of goods sold using the gross profit method.
- LO3 Estimate ending inventory and cost of goods sold using the retail inventory method, applying the various cost flow methods.
- LO4 Explain how the retail inventory method can be made to approximate the lower-of-cost-or-market rule.
- LO5 Determine ending inventory using the dollar-value LIFO retail inventory method.
- LO6 Explain the appropriate accounting treatment required when a change in inventory method is made.
- LO7 Explain the appropriate accounting treatment required when an inventory error is discovered.
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