Up-In-Smoke Corporation - The Case Centre

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Compact case

Case

Reference no. 9A99BJ006

Japanese language

Subject category: Finance, Accounting and Control

Authors: Elizabeth MA Grasby; Joanne Lansink

Published by: Ivey Publishing

Originally published in: 1999

Version: 2021-01-20

Revision date: 25-May-2021

Length: 5 pages

Data source: Generalised experience

Topics: Inventory valuation; Accounting; Introductory business

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Abstract

This is a Japanese version. Up-In-Smoke is an inventory valuation exercise using the periodic method. Completed in two steps, students are first required to value the total goods available for sale by considering items such as duty, taxes, returns, discount terms, FOB, and purchase prices. Once completed, various methods to value the inventory ending balance can be applied and compared, namely FIFO, LIFO and the weighted-average-cost method.