ACC 211 Week 6 Discussion 1

ACC 211 Week 6 Discussion 1 | Assignment Help | excelsior-college

M6D1: Let’s Discuss: Methods of Accounting for Inventory

In Modules 5 and 6, we learned the differences between accounting for inventory under the FIFO, LIFO, and average costing methods. Additionally, we explored how the income statement impact may differ under each of the three methods.

For this week’s discussion, you have the option to select one of the following topics as your initial response. In addition to your initial response, for full credit, please be sure to respond to more than two other students’ initial responses, as well.

Topic Choices:

1.      Share with the group any aspects of these concepts that you find confusing or need clarified.

2.      Pick a retail company and research which method the company uses to account for inventory. Note: Please select publicly traded companies, as this will make the information easier to locate.

This discussion will address the following Module Outcomes:

·         MO1: Identify the assets included in the categories of plant assets and intangible assets. (CO1, CO4)

·         MO2: Apply the methods to determine the cost of land, constructed buildings, purchased buildings, equipment, and land improvements. (CO4, CO5)

·         MO3: Apply the concept of depreciation and various methods of computation. (CO1)

·         MO4: Describe natural resources and intangible assets. (CO1, CO4)

·         MO5: Identify short-term investments, accounts receivable, and notes receivable. (CO1)

Consult the Discussion Posting Guide for information about writing your discussion posts. It is recommended that you write your post in a document first. Check your work and correct any spelling or grammatical errors. When you are ready to make your initial post, click on "Reply." Then copy/paste the text into the message field, and click "Post Reply."