Explain inventory accounting

Explain how to calculate inventory under the periodic inventory system using various costing methods.

Explain how to calculate inventory under the perpetual inventory system using various costing methods. Describe in detail the difference in calculating inventory under FIFO, LIFO and Average Costing.

Describe the two methods of estimating the value of inventory.

Describe the components of internal control, control activities and limitations on internal controls.

Define cash equivalents, and explain the methods of controlling cash, including the bank reconciliation.

Identify the internal control roles of management and the auditor.