inventories additional issues

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1、ConfirmingPagesCHAPTER9Inventories:AdditionalIssuesOVERVIEWWecoveredmostoftheprincipalmeasurementandreportingissuesinvolv-ingtheassetinventoryandthecorrespondingexpensecostofgoodssoldinthepreviouschapter.Inthischapterwecompleteourdiscussionofinven-torymeasurementbyexplai

2、ningthelower-of-cost-or-marketruleusedtovalueinventories.Inaddition,weinvestigateinventoryestimationtech-niques,methodsofsimplifyingLIFO,changesininventorymethod,andinventoryerrors.LEARNINGAfterstudyingthischapter,youshouldbeableto:OBJECTIVES●LO9–1Understandandapplythelo

3、wer-of-cost-or-marketruleusedtovalueinventories.(p.476)●LO9–2Estimateendinginventoryandcostofgoodssoldusingthegrossprofitmethod.(p.484)●LO9–3Estimateendinginventoryandcostofgoodssoldusingtheretailinventorymethod,applyingthevariouscostflowmethods.(p.486)●LO9–4Explainhowth

4、eretailinventorymethodcanbemadetoapproximatethelower-of-cost-or-marketrule.(p.489)●LO9–5Determineendinginventoryusingthedollar-valueLIFOretailinventorymethod.(p.494)●LO9–6Explaintheappropriateaccountingtreatmentrequiredwhenachangeininventorymethodismade.(p.497)●LO9–7Expl

5、aintheappropriateaccountingtreatmentrequiredwhenaninventoryerrorisdiscovered.(p.500)●LO9–8DiscusstheprimarydifferencesbetweenU.S.GAAPandIFRSwithrespecttothelower-of-cost-or-marketruleforvaluinginventory.(p.481)sspi2532X_ch09_474-527.indd474pi2532X_ch09_474-527.indd474006

6、/01/124:55PM6/01/124:55PMConfirmingPagesFINANCIALREPORTINGCASEDoesItCount?TodayyoudroveovertoSearstopickupafewitems.Yesterday,youraccountingprofessorhaddiscussedinventorymeasure-mentissuesandthedifferentmethods(FIFO,LIFO,andaver-age)usedbycompaniestodetermineendinginvent

7、oryandcostofgoodssold.Youcan’timagineactuallycountingtheinventoryinalloftheSearsstoresaroundthecountry.“TheremustbesomewaySearscanavoidcountingallofthatinventoryeverytimetheywanttoproducefinancialstatements,”youtellyourdogwhenyougethome.“IthinkI’llgochecktheirfinancialst

8、atementsontheInternettoseewhatkindofinventorymethodtheyuse.”Youfindthefollowinginthesummaryofsignifican