Acct 212 Final Exam Week 8 - Latest 2014

The FASB ASC 330 Inventory provides primary authoritative guidance for the accounting for inventory. The predecessor literature is Accounting Research Bulletins (ARB) No.43 Chapter 4, paragraph 4 (Issued June, 1953) and Statement of Financial Accounting Standard (FAS) NO.151 Inventory cost- an amendment of ARB No.43, Chapter 4 (Issued November, 2004).

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| (TCO D) The basis for classifying assets as current or noncurrent is conversion to cash within

b. The inventory write down recorded, as an expense by the company is $4.4 million. It is measured at lower of cost and net realizable value. Cost is measured by weighted average using standard cost method or

Examine list of accounts previously written off and determine efficacy of follow-up procedures, tracing amounts into accounting records (S‑9).

Under the gross profit method, a businesses normal gross profit ( net sales - the cost of goods sold) is used to estimate the cost of goods sold and ending inventory.

2.6. Under certain circumstances, the company may ask the player to provide more documents, such as bills, bank details, bank statements and bank references, pictures with ID, as well as Skype conferences, etc. Until such information has been provided, can now prevent the activities to be carried by the player with respect to the account or if you reasonably believe that deliberately incorrect information has been provided by the player. In such situations, the company can keep any amount deposited in the account after the closure of the account.

Firstly, specific identification method is a method of recording inventory costs for small number of expensive identifiable or easily distinguished items like cars or automobiles, furniture, handcraft, fine watches, and jewelry. Using this method, you can calculate the cost of goods sold and cost of ending inventory at the end of the accounting period. What to do first is to do a physical count of the remaining specific identifiable items which can easily be separated. Then the cost of each remaining item is tracked (that is unit cost) and multiplied by the number of it available in the inventory. The same is done for the other items and then the total cost of the items is calculated. This will give the cost of the ending or remaining inventory. The cost of goods sold is calculated by subtracting ending inventory from purchases.

This memo will discuss the month- end closing process, the year-end closing process and the accounting process cycle as a whole. “The month-end closing process is an accounting procedure performed at the end of the month to close

The Financial Accounting Standards Board (FASB) is currently conducting a project that is referred to as the “Simplification Initiative.” As such, the board’s goal is to “identify, evaluate, and improve areas of general accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of the financial statements” (“Exposure Draft, Proposed Accounting Standards Update” 1). Accordingly, this paper will examine the FASB’s Proposed Accounting Standards Update: Inventory (Topic 330): Simplifying the Measurement of Inventory. In this proposed Update, the FASB strives to simplify the measurement of inventory by measuring it at the lower of cost and net realizable value. Part of their rationale is that this would reduce costs to investors and other stakeholders while still maintaining the quality of financial reporting under the current guidance. In addition, this proposed Update would support the FASB’s convergence efforts with the International Accounting Standards Board (IASB), specifically with their standard on inventories, IAS 2. IAS 2, like the Proposed Update, measures inventory at the lower of cost and net realizable value. Overall, this paper will discuss the details of the FASB’s current proposed Update

As mandated by IAS 2, inventory must be reported at the lower of cost or net realizable (LCNV) when reporting under IFRS, while GAAP requires the lower of cost or market (LCM) inventory valuation method (Doupnik & Perera, 2014). Net realizable value as defined by IAS 2 is the difference between the estimated selling price and the estimated cost of completion (IFRS, 2014). In valuating Beech Corporation’s inventory under both methods, inventory valuation resulted in two values dependent upon the method utilized.

What is the purpose of an account? What is the purpose of a ledger? Explain the following terms as they relate to a T account:

a) Describe the fundamental cost-flow assumptions of the average cost, FIFO, and LIFO inventory cost-flow methods.

The first in, first out (FIFO) method of inventory valuation is a cost flow assumption that the first goods purchased are also the first goods sold. In most companies, this assumption closely matches the actual flow of goods, and so is considered the most theoretically correct inventory valuation method. The FIFO flow concept is a logical one for a

The formula for the economic order quantity (EOQ) is derived by developing an expression for total annual inventory management cost, then taking its derivative with respect to quantity Q to find its minimum point.