Describe and illustrate the inventory turnover and the days' sales in inventory in analyzing the efficiency and effectiveness of inventory management.

Describe and illustrate the retail method and the gross profit method of estimating inventory.

Describe and illustrate the inventory turnover and the days' sales in inventory in analyzing the efficiency and effectiveness of inventory management.

Determine the cost of inventory under the periodic inventory system, using the FIFO, LIFO, and weighted average cost methods.

Describe three inventory cost flow assumptions and explain how they impact the income statement and balance sheet.