School: Virginia Polytechnic Institute and State University
Course: Intro to Accounting
Term: Spring 2015
Tags: ACIS2115, Accounting, Ch6, FIFO, LIFO, Inventory, cost flow assumptions, average-cost, and turnover
Name: ACIS2115 Chapter 6, 02/28
Description: Covers different classifications of inventory, as well as the two steps of determining inventory quantities. Also covers the three cost flow assumptions (FIFO, LIFO, and average-cost) and their effects on the income statement, balance sheet, and taxes. Closes with inventory turnover formulas.