1. What do FIFO, LIFO and weighted average place an emphasis on? (flow of goods or flow of ?)

2. What method assumes the order in which expenditures were made?

3. Calculate ending inventory using FIFO.

4. Calculate ending inventory using LIFO.

5. Calculate cost of goods sold using FIFO.

6. Calculate days sales in inventory.

7. What does days sales in inventory represent?

8. Which inventory method results in greatest COGS in a time of rising prices?

9. Which inventory method results in the highest net income in a time of rising prices?

10. Calculate days sales in inventory.

11. Calculate inventory turnover.

12. What type of asset is goodwill?

13. Determine cost of land.

14. Examples of assets considered fixed asset (and those that are not).

15. What is the book value of an asset?

16. What is depreciable cost?

17. What is depreciation?

18. Determine gain or loss, given asset cost, accumulated depreciation and selling price.

19. When do we recognize a gain on the sale of a fixed asset?

20. What do we do with a fully depreciated asset?

21. Provide examples of intangible assets (and what is not).

22. How are fixed assets presented on the balance sheet?

23. How is accumulated depreciation reported?

The following questions will be in the form of problems:

24. Calculate cost of goods sold and ending inventory using FIFO

25. Calculate cost of goods sold and ending inventory using LIFO

26. Calculate ending inventory using FIFO, LIFO and weighted average

27. Determine the value of land (given information like our homework problem).

28. Calculate straight line depreciation and double declining balance depreciation for two years.

29. Calculate depreciation expense (straight line); calculate gain or loss after owning asset for two years.