LO 10.1Can a business change from one inventory costing method to another any time they wish? Explain.
LO 10.1Explain the difference between the terms FOB destination and FOB shipping point.
LO 10.1Explain why a company might want to utilize the gross profit method or the retail inventory method for inventory valuation.
LO 10.1Describe two separate and distinct ways to calculate goods available for sale.
LO 10.3Describe costing inventory using last-in, first-out. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.
LO 10.4How long does it take an inventory error affecting ending inventory to correct itself in the financial statements? Explain.
LO 10.5Explain the difference between the flow of cost and the flow of goods as it relates to inventory.