I found this chapter very difficult. Especialy the questions in the end of chapter of CFAI book. Also it took me a long time to solve a single problem which i know i can not afford to waste that much of time during the exam. I would like to know what kinda of multiple questions are they going ask during the exam. The question in the end of chapter are essay questions. I am afraid they are going to as the same question but with the multiple question format, because if so that would comsume a lot time during the exam. I need your input please. Thank you
They will ask you to explain using which method and in a period of declining/increasing prices inventory would provide lower/higher net income, which provides lower/higher cogs. They will ask you to convert from life to fifo and vice versa, know the lifo reserve for converting inventory and cogs. It’s very straight forward, just do as many questions as you can and it will sink in.
yeah i did the question in schweser book and they were so much easier than those questions in CFAI. I was freaking it out. They are really hard to understand, i did not know what to look for. I am glad we will not have essay questions like that in the exam.