Wow, just had a nightmare about missing/failing my exam

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zimzim78

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So I wake up in a cold sweat, almost hyperventilating this morning at 5am fresh from a nightmare about me being in Chicago and taking the exam at Northwestern. We had to move locations between sessions/lunch and there was a snow storm whiteout and I hit a car. I proceed to cross the river and park and then sprint five blocks into the test center freaking out that they're gonna close the doors on me.

Once I get in, I realize that I forgot my wallet in the car and have no ID. Luckily this dude tells me they have all the exams coded with a fingerprint scan and that they'll let me in. Relieved, I got to another table only to discover I didn't have my calculator. I FREAK OUT and start pleading with them to let me sprint back to my car half a mile away. They tell me to go but they can't guarantee the doors to stay open.

I guess I woke up while I thought I was sprinting down this snowy street, totally stressed out and freaking. Once I woke up and figured I was f*cked in the head...I jumped out of bed and said to myself that I have to start studying RIGHT NOW, so as not to waste any more time. It was 5am and I had convinced myself that I needed to be studying...it was soooo weird dudes. I think once I calmed myself down a bit, I went back to sleep for another hour.

So today, apart from being super tired, I've got this crazy paranoia going on. It's pretty crazy when this shite gets inside your head like this. Damn you CFA...damn you!
 
It's pretty early zim. Save the nightmares for May!
 
Yeah, I had nightmares like that in grad school.

It's a hell of a way to get motivated to study!
 
c_hayhurst Wrote:
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>
> It's a hell of a way to get motivated to study!

No sh!t dude...I have this new-found sense of urgency and drive to make use of every single free minute of the day to study. I just need to make sure I'm getting at least five hours of sleep a night...HA!

All I can think about this morning is LIFO Liquidation for some reason? I know somebody posted something on it a couple days ago, but can someone recap what happens. Net Income is lower right (assuming rising prices) cuz COGS is higher (valued at current/most recent prices) right??? This has been bothering me all morning...anything else I should know about this?
 
You don't want to know about my dreams...had one with a sinking boat and cheer-leading squad kind of interesting but had nothing to do with the CFA stuff...LOL!
 
Zimzim -

When LIFO reserve decreases due to LIFO Liquidation:

COGS will be lower
Net income would be higher
Taxes - Higher
CFO - Lower.

(girl!)
 
CFAHouston Wrote:
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> Zimzim -
>
> When LIFO reserve decreases due to LIFO
> Liquidation:
>
> COGS will be lower
> Net income would be higher
> Taxes - Higher
> CFO - Lower.
>
> (girl!)

Ha ^^^ nice one. Thanks (girl). Anyways, I've obviously got this totally f*cked up. Why will COGS be lower though? Aren't we assigning the most recent/expensive costs to COGS? I've obviously gotten my signals crossed between whatever the previous dudes posted about this a few days ago, my nightmares, my drama and now. Thanks H
 
With LIFO liquidation, the firm sells mroe inventory than it purchases (keep in mind, rising prices).

Accordingly, the lower cost inventory layers are penetrated which results in higher earnings.

(were using our old inventroy which had lower costs than current prices. So since were using current inventory and going back in time, COGS will be lower. Without liquidation, were buying and using newer higher prices, so COGS will be higher)
 
Thanks Houston - it's a pleasant surprise to find more women on here. Now, if only you weren't 2,000 miles away :)
 
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