FAR Inventory Importance

  • Creator
    Topic
  • #2102931
    Ralphie Dos Nachos
    Participant

    Hey guys,

    I know inventory is very important and that anything could be tested but would you say that if I am comfortable with fifo, lifo, and weighted avg that i should be good? I just got done with module 3 of ch. 3 for Becker and I did well with the LIFO, FIFO, weighted average. I know that IFRS only uses LCNRV….LIFO = LCM, FIFO = LCNRV….FIFO Periodic = Perpetual. But dollar value lifo, gross profit method etc was a little iffy for me.

    Should I not worry too much with Dollar value lifo, gross profit, etc? the smaller topics that is.

Viewing 2 replies - 1 through 2 (of 2 total)
  • Author
    Replies
  • #2102988
    Operation_CPA
    Participant

    Dollar value LIFO is way too easy just to skip it in my honest opinion. Take the 30-60 min to learn it – easy points on exam day if you get a question. There's only so many ways they can ask you.

    #2102991
    TerriSilva
    Participant

    my advice to you is to know the journal entries pertaining to inventory.

Viewing 2 replies - 1 through 2 (of 2 total)
  • The topic ‘FAR Inventory Importance’ is closed to new replies.