Table of Contents
Introduction to Accounting I An Interactive Case Approach
Assignment Due Today
Today’s In-Class Activities
What about inventory errors?
PPT Slide
Partial Income Statement January Inventory Errors - FIFO Periodic
What would happen if the error still went undiscovered in the next month but the company correctly counted its inventory at the end of the next month?
Partial Income Statement February Inventory Errors - FIFO Periodic
Two Month Overview Inventory Errors - FIFO Periodic
Objectives: SHELLEY’S CABIN CRUISERS, INC.
Inventory data - cost and selling price in 000’s
PPT Slide
PPT Slide
FIFO Spreadsheet: 1994
FIFO Spreadsheet: 1995
FIFO Spreadsheet : 1996
PPT Slide
PPT Slide
LIFO Spreadsheet: 1994
LIFO Spreadsheet: 1995
LIFO Spreadsheet : 1996
FIFO Net Income
LIFO Net Income
What if Shelley purchases 2 more on 2/28/96?
Extra purchase of two boats: 2/28/96 (LIFO)
Extra purchase of two boats: 2/28/96 (LIFO)
Assignment for Next Time
Individual/Group Quiz
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