Question 1) Why are consigned goods not included in the physical inventory counts?
Question 2) Why are goods that are not physically present included in the physical inventory count?
Question 3) What impact does FOB shipping point and FOB destinations have on revenue recognition?
Question 4) Which inventory costing method is GAAP approved? Why?
Question 5) Can you change your inventory costing method? Why or why not?
Question 6) What effects do the different inventory costing methods have on your net income and income tax?