Up In Smoke is a stock valuation exercise with the periodic methods. Completed in two stages, students are first required all the goods offered for sale by one estimate items such as duty tax, returns, cash discounts, FOB, and purchase prices. Once completed, various methods are applied to the asset value of ending inventory and compared, namely FIFO, LIFO, and weighted average cost method.

Up In Smoke is a stock valuation exercise with the periodic methods. Completed in two stages, students are first required all the goods offered for sale by one estimate items such as duty tax, returns, cash discounts, FOB, and purchase prices. Once completed, various methods are applied to the asset value of ending inventory and compared, namely FIFO, LIFO, and weighted average cost method.
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from
Elizabeth M.A. Grasby,
Joanne Lansink
Source: Ivey Publishing
4 pages.
Publication Date: Feb 15, 1999. Prod #: 999B06-PDF-ENG
Up-in-Smoke Society HBR case solution