Inventories, and Long Lived assets – is this Level 1 stuff from 2008? If it is, I can’t remember a damn thing. Some how it looks much more daunting now than when I did it in 2008. Pls advice if this is important to do or can be skipped? I am studying it but LIFO FIFO LIFO liquidation, Increasing prices etc too much. Should I go back to my L1 notes or there is more to this material than L1.
It was on the recent level 1, but much of the LIFO material has moved to level 2. Rumor Willis said that L1 removed liquidation and reserve, but now has periodic vs perpetual (also now covered on L2). FIFO/LIFO is the easy shiat. It gets much more difficult in study session 6.