• What are the different types of inventories?
• What is the difference in bookkeeping that takes place between the periodic and perpetual approaches?
• What are the complicating situations for determining which items should be counted as part of inventory?
• What are the three primary cost flow assumptions, and how would management choose among them?
• How do different cost flow assumptions impact what is reflected on the balance sheet and income statement?
• Why do we need to discuss LIFO liquidations in the notes to F/S? What do they tell F/S readers?