[msgolds]

Hey, everyone. I have had a really difficult time wrapping my head around the retail method (e.g., the appendix in Becker Chapter 4). I understand the basic concept behind it, but I am having a hard time differentiating between the different applications. For example, what is the difference between the LIFO Application of the Retail Method and the FIFO / Cost Retail method? What is unique about the Cost Retail method? Becker says that under the Cost method the “result must be adjusted to lower of cost or market”, and I am not entirely sure where this adjustment is occurring based on their example? Help?

BEC - 90 PASSED
FAR - 84 PASSED
AUD - 93 PASSED
REG - 84 PASSED

I DID IT!!!!

Using Becker Self-Study

"If we were put here to carry a great weight, then the very things we hate are here to build those muscles."

[ledgermaven]

I'm just reviewed the inventory chapter and didn't find good info on that in the Wiley book, the gleim and wiley test banks do ask those questions so I found a site that tells about it in general, and the cost and conventional (aka lower of cost or market method). Still looking for info re lifo, fifo methods.

https://higheredbcs.wiley.com/legacy/college/warfield/0471737933/appendices/appd.pdf

[pinaycpa]

@ledgermaven, this is a good material. thank you! I have trouble understanding the concept as well. I will be taking FAR on 4/21. Do you happen to have a good reference for Pensions? I will greatly appreciate it. Thank you.

FAR 04/21/2012 - Passed
AUD 07/28/2012 - Passed
BEC 10/20/2012 - Passed
REG 2/28/13 - Horrible exam ever! - Passed
I'M DONE!!!!!!!!!!!

[msgolds]

Thanks for the link. I think this explains it slightly better than Becker did.

BEC - 90 PASSED
FAR - 84 PASSED
AUD - 93 PASSED
REG - 84 PASSED

I DID IT!!!!

Using Becker Self-Study

"If we were put here to carry a great weight, then the very things we hate are here to build those muscles."

[ledgermaven]

@pinaycpa – you're welcome! I need to go over that some more, plus the dollar value lifo and construction accounting one more time before moving on to monetary assets and fixed assets in my review before far, hopefully in late April.

When I get to pensions (which was difficult to learn from the Yeager videos first time around) I will let you know if I find helpful material. Dr. Google to the rescue…

[Author]

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