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Learning Objectives: CHAPTER 6

1. Show how to account for inventory
2. Apply and compare various inventory cost methods
3. Explain and apply underlying GAAP for inventory
4. Compute and evaluate gross profit (margin) percentage, inventory turnover, and days inventory outstanding (DIO)
5. Use the cost-of-goods-sold (COGS) model to make management decisions
6. Analyze effects of inventory errors

EXAMPLE OF WHAT I'M LOOKING FOR:

One thing I found challenging was the credits and debits concept from chapter two and matching them up, (common stock would be a cash debit and stock credit). Once I got it down it was one of those "why didn't it make sense to me sooner" moments but at the time I didn't understand and would switch things. How I approached the chapter was really to make sure I understood all the terms, ie notes payable, accounts receivable, etc. Being able to understand them without going back to the textbook made the process a bit faster and overall easier. Another thing was really taking advantage of the internet and that if there was something in the textbook I didn't understand, looking it up on Google and going through different websites and tutorials. While going through the problems I made sure to take as thorough notes as I could with information that I knew would help me moving forward, targeting the problems that were difficult for me. Being able to go back and read through something that was written in a way that made the most sense to me as an individual definitely proved helpful. I also Skyped a friend who is currently enrolled in a financial accounting class and we would work through problems together.