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ACC 120: Principles of Financial Accounting

LO 7.1: Describe the issues in managing different types of inventory

LO 7.2: Explain how to report inventory and cost of goods sold

LO 7.3: Compute costs using four inventory costing methods

LO 7.4: Report inventory at the lower of cost or market/net realizable value

LO 7.5: Evaluate inventory management by computing and interpreting the inventory turnover ratio

LO 7.S1: Compute inventory costs in perpetual systems (FIFO only)

LO 7.S2: Determine the effects of inventory errors

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