his case focuses on the following student learning objectives in this module as it relates to the course objectives (CO) described under the Getting Started - About This Course page:

Describe the issues in managing different types of inventory.	CO1
Explain how to report inventory and cost of goods sold.	CO2, CO3
Compute costs using four inventory costing methods.	CO2, CO3
Report inventory at the lower of cost or market / net realizable value.	CO2, CO3, CO5
Evaluate inventory management by computing and interpreting the inventory turnover ratio.	CO2
Compute inventory costs in perpetual systems.	CO2, CO3
Determine the effects of inventory errors.	CO1

Define LIFO, FIFO, Weighted-Average, and Specific Identification

• Then consider the following:

Indicate (Yes or No) whether the following items should be included in the inventory of RayWest Group. This company arranges and supplies wedding services for couples and other wedding consultants.

1. Goods being held by RayWest Group on consignment from Emerald Bridal.

2. Goods in transit to Winston Wedding Consultants, sold FOB shipping point by RayWest Group.

3. Goods in transit to RayWest Group, purchased FOB shipping point by RayWest Group.