FAR Inventory Importance

CPA Exam Review CPA Exam Forum FAR FAR Review FAR Inventory Importance

This topic contains 2 replies, has 3 voices, and was last updated by TerriSilva TerriSilva 1 week, 4 days ago.

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  • #2102931

    OHMSS
    Participant

    Hey guys,

    I know inventory is very important and that anything could be tested but would you say that if I am comfortable with fifo, lifo, and weighted avg that i should be good? I just got done with module 3 of ch. 3 for Becker and I did well with the LIFO, FIFO, weighted average. I know that IFRS only uses LCNRV….LIFO = LCM, FIFO = LCNRV….FIFO Periodic = Perpetual. But dollar value lifo, gross profit method etc was a little iffy for me.

    Should I not worry too much with Dollar value lifo, gross profit, etc? the smaller topics that is.

    Currently acquiring 150
    #2102988

    Operation_CPA
    Participant

    Dollar value LIFO is way too easy just to skip it in my honest opinion. Take the 30-60 min to learn it – easy points on exam day if you get a question. There's only so many ways they can ask you.

    FAR - 76 (Lost credit)
    AUD - 80
    BEC - 76
    REG - 75

    Truly I tell you, if you have faith as small as a mustard seed, you can say to this mountain, "Move from here to there," and it will move. Nothing will be impossible for you.

    #2102991
    TerriSilva
    TerriSilva
    Participant

    my advice to you is to know the journal entries pertaining to inventory.

    AUD - 79
    BEC - 80
    FAR - 73
    REG - 86
    Studied with Wiley CPA excel - re-takes with Ninja

     

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