C9 inventories:additional valuation issues
LO
-understand and apply the lower-of-cost-or-net realizable value rule
-understand and apply the lower-of-cost-or-market rule
-understand other inventory valuation issues
-determine ending inventory by applying the gross profit method
-determine ending inventory by applying the retail inventory method
-explain how to report and analyze inventory


lower-of-cost-or-net realizable value
-definition
-illustration
-methods of applying
-recording
-use of allowance
-multiple periods

lower-of-cost-or market
-how LCM works
-methods
-evaluation of. LCNRV and LCM rules

other valuation approaches
-net realizable value
-relative sales value
-purchase commitments

gross profit method
-gross profit percentage
-evaluation of method

retail inventory method
-concepts
-conventional method
-special items
-evaluation of method

presentation and analysis