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Financial Accounting - Lecture 6

Lecture 6 - Accounting for Inventory and COGS

Objectives:

1. Understand three decisions related to accounting for inventory:

a. Product Costing (managerial accounting).
b. Cost-flows from inventory to Cost of Goods Sold.
c. Valuation adjustments (after midterms).

2. Begin to understand these related issues:

a. Alternative accounting rules (focus on LIFO and FIFO).
b. Reporting consequences.
c. Terms and concepts.
d. Computations.
e. Tax effects.

Prof. Richard Frankel, Prof. George Plesko, Prof. Kin Lo
15.515 Financial Accounting, Fall 2003
(Massachusetts Institute of Technology: MIT OpenCourseWare)
http://ocw.mit.edu
Date accessed: 2009-04-30
License: Creative Commons BY-NC-SA

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