Have not taken mock yet, but has this material, COGS/LIFO/FIFO/ration analysis, shown up on recent Level 2 exams? thanks, John
i thought this was just added to LII this year…
Just added this year, which makes you think a few questions would show up, I think knowing the equations going to/from FIFO & LIFO would get you atleast 1 hopefully 2 questions
man i HOPE they have a full vignette on this stuff.
would be nice, but EOC ?;s seem like they are too similar to level I. would like to eat those words.
2011 BSAS has a pretty tough vin on this topic. Involves lifo liquidation, and is actually tougher than I thought. I will be reviewing this one…
Spanishesk Wrote: ------------------------------------------------------- > man i HOPE they have a full vignette on this > stuff. My guess is they will, it’s easily testable. I hope so, too; the stuff isn’t that hard. My memory trick is that COGS is just “expense”, and inventory is the asset. Under rising costs, LIFO means rising expenses (and less assets), then I go from there in all its repercussions on the I.S. and B.S.
this stuff is so brain dead simple. if they have a section on this cogs/inventory analysis, it will only be because the rest of the exam is a massacre and they feel obligated to put in a “gimme” section.