Know how to calculate Cost of Goods Available for sale Know how to value Ending Inventory using FIFO, LIFO and Average Cost Know how to calculate Cost of Goods Sold Know how to calculate Net Sales Know how to calculate Gross Profit When prices are declining, know which Inventory costing method produces the highest Ending Inventory, lowest CGS and highest Gross Profit. When prices are rising, know which Inventory costing method produces the highest Ending Inventory, lowest CGS and highest Gross Profit. Know how to calculate Inventory Turnover Ratio. For estimation of Ending Inventory, know the Retail Method. Know how to calculate Cost of Goods Available for sale Know how to value Ending Inventory using FIFO, LIFO and Average Cost Know how to calculate Cost of Goods Sold Know how to calculate Net Sales Know how to calculate Gross Profit When prices are declining, know which Inventory costing method produces the highest Ending Inventory, lowest CGS and highest Gross Profit. When prices are rising, know which Inventory costing method produces the highest Ending Inventory, lowest CGS and highest Gross Profit. Know how to calculate Inventory Turnover Ratio. For estimation of Ending Inventory, know the Retail Method