Week 4 Disscussion

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  • What is the actual purchase price of goods?

  • What is the difference between gross sales and net sales?

  • With constant price changes in the economy, how does management assign a value to its inventory?

  • Describe the three different inventory cost flow methods for perpetual inventories

  • What does it mean to classify and determine inventory quantities?

  • What is the LIFO reserve and how/why is it used?

  • What is the difference between gross sales and net sales?

  • Describe some of the income statement and balance sheet effects of inventory errors.


Please make sure all responses are at least 100 words. Please put the question with the response


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