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 5 months, 2 weeks ago.

Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • #2102931

    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.

    24. New York.

    FAR - 76 (February 2019)

    AUD - TBD (MAY 2019)

    #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), 76
    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 - 75
    REG - 86
    I AM DONE!  On to ethics!

     

Viewing 3 posts - 1 through 3 (of 3 total)

You must be logged in to reply to this topic.


Would You Hate It If I Gave You $162.12 Of Free CPA Review Material That Will Help You…

1) Study Less

2) Avoid Common CPA Candidate Mistakes

3) Get Higher Scores

4) Spend More Time with Friends and Family

5) Finally Pass and Get On With Your Life?