Question: 1. What are the basic steps to calculate COGS, regardless of which cost flow assumption is used? 2. What are the basic steps to calculate

1. What are the basic steps to calculate COGS, regardless of which cost flow assumption is used? 2. What are the basic steps to calculate Ending Inventory, regardless of which cost flow assumption is used? 3. What's the best indication that your COGS or Ending Inventory calculation is correct? (How would you know for certain that your calculation is NOT correct?) What are the basic steps to determine the amount of inventory that should be reported in the financial statements using the lower-of-cost-or-net realizable value rule? 4. 5. What are the basic steps to reconcile a bank account? 6. What is the basic journal entry to record a cash discrepancy (i.e. when the amount of cash is different from what is expected? a. ...when you have more cash than expected b. ...when you have less cash than expected 7. List at least 3 adjusting entries that a company might need to make at the end of the reporting period Prepare the required adjusting entries...

1. What are the basic steps to calculate COGS, regardless of which cost flow assumption is used? 2. What are the basic steps to calculate Ending Inventory, regardless of which cost flow assumption is used? 3. What's the best indication that your COGS or Ending Inventory calculation is correct? (How would you know for certain that your calculation is NOT correct?) 4. What are the basic steps to determine the amount of inventory that should be reported in the financial statements using the lower-of-cost-or-net realizable value rule? 5. What are the basic steps to reconcile a bank account? 6. What is the basic journal entry to record a cash discrepancy (i.e. when the amount of cash is different from what is expected? a. .... when you have more cash than expected b. ....When you have less cash than expected List at least 3 adjusting entries that a company might need to make at the end of the reporting

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