MGT401 VU Midterm Papers Spring May 2012

If: Balance (January 01, 2008) 100 units@ Rs. 8.00 per unit
Jan. 1 Received 100 units @ 7.50 per unit
Jan. 5 Issued 100 units
Then:
Calculate the value of inventory on January 05, 2008 using LIFO method.
2. What do you know about Financial Assets?
3. Differentiate between the LIFO and FIFO method for inventory valuation.
4. What qualitative characteristics make the financial information reliable ?

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