ACCT 304 DeVry Week 6 Complete Work Latest
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<strong>ACCT</strong> <strong>304</strong> <strong>DeVry</strong> <strong>Week</strong> 6 <strong>Complete</strong> <strong>Work</strong> <strong>Latest</strong><br />
<strong>ACCT</strong> <strong>304</strong> <strong>DeVry</strong> <strong>Week</strong> 6 DQ 1 Inventory Classification and Systems<br />
Merchandise Inventory is assets held for sale in the ordinary course of business of wholesale and retail companies.<br />
Manufacturing inventories are raw materials or WIP that will be used or consumed in the production of finished goods<br />
to be sold. Review the Annual Report that you chose for the <strong>Week</strong> 3 Discussion topic #1 and based on what you've<br />
read in the text and in the Becker materials, explain how inventory is presented on the balance sheet and what further<br />
information you found in the footnote disclosures about the inventory method and "Impairment of Inventory", if any.<br />
<strong>ACCT</strong> <strong>304</strong> <strong>DeVry</strong> <strong>Week</strong> 6 DQ 2 Inventoriable Costs Cost-Flow Assumptions<br />
We read about the Perpetual and the Periodic Inventory System. Regardless of which system is used, under both, we<br />
need to assign dollar amounts to the Ending Inventory and Cost of Goods Sold so that we can trace how costs flow<br />
through the system. Start by identifying what is included in inventory and then discuss how each item might be treated<br />
differently in the Perpetual vs. the Periodic Inventory System.