John department is a retail clothing store in Boston. John sells men's and children's clothing...
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Accounting
John department is a retail clothing store in Boston. John sells men's and children's clothing and accessories. John recently hired an employee. John asked his new employee to summarize accounting for inventory using the FASB Codification, specifically addressing the following questions:
a. How should John determine what costs should be included in the inventory?
b. Before determining which cost flow assumption to use, what primary objective should john consider?
c. John sells similar goods that are purchased at different times and at different prices. Is Bostick required to maintain an inventory system to account for the cost of goods sold based on the specific item sold?
d. After initial measurement, how should inventory be reported on the balance sheet? Why?
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