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.

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    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)



    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.


    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!


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