the relevant authoritative literature, Accounting Basics

Determining the physical quantity that should be contained in inventory normally is a simple matter because that amount have of items in the possession of the company. The cost of inventory contains all essential expenditures to acquire the inventory and bring it to its desired condition and location for sale or for use in the manufacturing process.

Required:

1. Obtain the relevant authoritative literature on the lower- of- cost- or- market rule for valuing inventory using the FASB's Codification Research System. Justify the circumstances in which inventory is stated at the lower of cost or market. What are the specific citations that talk about the level of aggregation that should be used in applying the LCM rule? Summarize the discussion.

2. Explain the specific citation for each of the following items: 1. The income statement presentation of losses from the write- down of inventory. 2. The determination of market value for applying LCM to inventory. 3. The accounting treatment needed for a correction of an inventory error in previously issued financial statements. 4. The use of the retail method to value inventory.

 

Posted Date: 3/19/2013 6:45:23 AM | Location : United States







Related Discussions:- the relevant authoritative literature, Assignment Help, Ask Question on the relevant authoritative literature, Get Answer, Expert's Help, the relevant authoritative literature Discussions

Write discussion on the relevant authoritative literature
Your posts are moderated
Related Questions
Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. terms of the sale were 2/10, n/30. which entry is required to record

How To figure the discount using calculator 1.  Be sure that decimal selector is on 2 decimal places 2.  Key in amount of the sale 3.  Multiply by percent (use the percent key)

procedure followed in government system of accounting in india

Q. Describe about Capital? Capital -- money invested in a business by its owners. On the right side or bottom of a balance sheet. Capital also denotes to machinery, buildings a

The net cash provided by operating activities is affected by

How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.

journalizing payroll transactions, for Keller Systems;Inc, paid cash for april's payroll tax liability. withheld taxes from april payrolls; employee income tax,$532.00; social se

Elaborate the consequences of non-compliance of each of the accounting concepts.


help with paper on basic transaction processing fr Richard Simmons