ACCT 304 Week 7 Discussion

ACCT 304  Week 7 Discussion | Devry University

Week 7: Inventory Classification and Systems

Merchandise Inventory is assets held for sale in the ordinary course of business of wholesale and retail companies. Manufacturing inventories are raw materials or WIP that will be used or consumed in the production of finished goods to be sold. Review the Annual Report that you chose for the Week 3 Discussion topic #1 and based on what you've read in the text and in the Becker materials, explain how inventory is presented on the balance sheet and what further information you found in the footnote disclosures about the inventory method and "Impairment of Inventory", if any.

Alternative Discussion Topic: You may elect to choose a tweet from the FASB Twitter Feed (@FAFNorwalk) integrated into the home page of this course, summarize the overarching topic of the tweet and related article or video, and connect it to a topic we've studied in class this week. If a classmate has chosen a feed in which you're interested, agree with their summary and position by providing further supportive evidence from the book or online, or disagree and provide evidence that supports your position. Feel free to comment on current or recent tweets.