Solved:CHAPTER 8—UNDERSTANDING INVENTORY AND DEPRECIATION CONCEPTS



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CHAPTER 8—UNDERSTANDING INVENTORY AND DEPRECIATION CONCEPTS

After completing this chapter, you should be able to:

1.      Understand interrelationship between the inventory and cost of goods sold

2.      Understand the difference between LIFO and FIFO inventory methods

3.      Be able to calculate inventory turnover

4.      Understand the interrelationship between depreciation expense and the reserve for depreciation

5.      Understand how to compute the net book value of a fixed asset

6.      Be able to identify the five methods of computing book depreciation



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