Week 4 Disscussion

• What is the actual purchase price of goods?
• What is the difference between gross sales and net sales?
• With constant price changes in the economy, how does management assign a value to its inventory?
• Describe the three different inventory cost flow methods for perpetual inventories
•  What does it mean to classify and determine inventory quantities?
• What is the LIFO reserve and how/why is it used?
•  What is the difference between gross sales and net sales?
• Describe some of the income statement and balance sheet effects of inventory errors.

Please make sure all responses are at least 100 words. Please put the question with the response 

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