[Ralphie Dos Nachos]

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.

[Operation_CPA]

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.

[TerriSilva]

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

[Author]

Replies