Accounting 10, 20, 30

(a)	Define terms related to pricing of inventory such as stock record, stock ledger, Last-In, Last-Out(LILO), and First-In, First-Out (FIFO).
(b)	Distinguish between periodic and perpetual inventory and explain the conditions under which each type of inventory may be advantageous.
(c)	Identify accounts affected by merchandise inventory, and used in calculating cost of goods sold.
(d)	Examine merchandise included in counting inventory (e.g., merchandise in transit, merchandise on consignment).
(e)	Describe and calculate three methods of valuing merchandise inventory including First-In, First-Out (FIFO), Last-In, Last-Out (LILO) and Weighted Average.
(f)	Differentiate between three methods (i.e., First-In, First-Out [FIFO], LastIn, Last-Out [LILO] and Weighted Average) for valuing inventory when reporting net income and total assets.
(g)	Examine the effects of increasing and decreasing market prices on inventory values.