Teaching Inventory Accounting

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Question description

After reading Greenberg and Wilner’s article, “Teaching Inventory Accounting: A Simple Learning Strategy to Achieve Student Understanding” (2011), discuss why you think the authors’ statement below prohibits students from understanding the differences among FIFO, LIFO, and average cost:

Students have a difficult time understanding the difference between the physical flow of inventory and the cost flow assumption. Specifically, they do not understand that the actual physical flow of goods relates to a process undertaken by a manufacturer or merchandiser, while the cost flow assumption relates to accounting reporting conventions. The physical flow does not have to be the same as the cost flow assumption (p.836).

Teaching Inventory Accounting_A Simple Learning Strategy to Achieve Student Understanding.pdf

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