ACCT 304 DeVry Week 6 Complete Work Latest
ACCT 304 DeVry Week 6 DQ 1 Inventory Classification and Systems
Merchandise Inventory is assets held for sale in the ordinary course of business of wholesale and retail companies. Manufacturing inventories are raw materials or WIP that will be used or consumed in the production of finished goods to be sold. Review the Annual Report that you chose for the Week 3 Discussion topic #1 and based on what you’ve read in the text and in the Becker materials, explain how inventory is presented on the balance sheet and what further information you found in the footnote disclosures about the inventory method and “Impairment of Inventory”, if any.
ACCT 304 DeVry Week 6 DQ 2 Inventoriable Costs Cost-Flow Assumptions
We read about the Perpetual and the Periodic Inventory System. Regardless of which system is used, under both, we need to assign dollar amounts to the Ending Inventory and Cost of Goods Sold so that we can trace how costs flow through the system. Start by identifying what is included in inventory and then discuss how each item might be treated differently in the Perpetual vs. the Periodic Inventory System.