Chapter 6, Problem 13DQ

To determine

Concept introduction:

Methods of stock valuation used while drawing Interim Financial Statements

Interim Financial Statements are prepared before final financial statements are drawn, thus they are prepared on the basis, of information available and at hand at that time.

To discuss:

Easy methods of calculating Cost of goods sold and Ending Inventory, without taking stock phisically due to time constaints, and preparing financial statements for interim periods.