Chap006
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Chap006

Course: ACCOUNTING ACCT102, Spring 2007

School: National Taipei University

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CHAPTER 6 INVENTORIES AND COST OF SALES Related Assignment Materials Quick Studies* 6-5, 6-6 6-7, 6-8 6-4 6-10 6-11 6-2, 6-8 6-6 6-7, 6-8 6-5 6-2 Beyond the Numbers HTR RIA, HTR EC,CIP, TIA GD RIA, CA, TTN, BW ED TIA Student Learning Objectives Conceptual objectives: C1. Identify the items making up merchandise inventory. C2. Identify the costs of merchandise inventory. Analytical objectives: A1. Analyze the...

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6 CHAPTER INVENTORIES AND COST OF SALES Related Assignment Materials Quick Studies* 6-5, 6-6 6-7, 6-8 6-4 6-10 6-11 6-2, 6-8 6-6 6-7, 6-8 6-5 6-2 Beyond the Numbers HTR RIA, HTR EC,CIP, TIA GD RIA, CA, TTN, BW ED TIA Student Learning Objectives Conceptual objectives: C1. Identify the items making up merchandise inventory. C2. Identify the costs of merchandise inventory. Analytical objectives: A1. Analyze the effects of inventory methods for both financial and tax reporting. A2. Analyze the effects of inventory errors on current and future financial statements. A3. Assess inventory management using both inventory turnover and days' sales in inventory. Procedural objectives: P1. Compute inventory in a perpetual system using the methods of specific identification, FIFO, LIFO, and weighted average. P2. Compute the lower of cost or market amount of inventory. P3A. Compute inventory in a periodic system using the methods of specific identification, FIFO, LIFO, and weighted average. (Appendix 6A) P4B. Apply both the retail inventory and gross profit methods to estimate inventory. (Appendix 6B) Questions 2, 16 3, 15, 17 4, 5, 6, 7 8, 9 Exercises* Problems* 1, 4 6-1, 6-2, 6-3 6-1, 6-3, 6-4 6-1 10, 11 13 6-9 6-12, 6-13 6-5 6-9, 6-10 6-11, 6-12 6-3 6-4, 6-5 12, 14 6-14 6-13, 6-14, 6-11 6-7 *See additional information on next page that pertains to these quick studies, exercises and problems. Instructors Resource, Manual, Chapter 6 The McGraw-Hill Companies, Inc., 2005 113 Additional information on Related Assignment Material Corresponding problems in set B (in text) and set C (on books website), also relate to learning objectives identified in grid on previous page. The Serial Problem for Success Systems continues in this chapter. Problems 6-2A and 6-6A can be completed using Excel. Problem 6-4A can be completed with Peachtree or Carol Yatch General Ledger Software. Homework Manager (on books website) repeats all numerical Quick Studies all Exercises and Problems 6-1A, 6-3A. Homework Manager provides new numbers each time the Quick Study, Exercise or Problem is worked. It can be used in practice, homework, or exam mode. Synopsis of Chapter Revisions FunKo NEWopener New discussion on internal controls and inventory New introduction to inventory cost flow assumptions Added simplified journal entries to inventory computations Revised discussion of lower of cost or market Moved gross profit and retail inventory methods to appendix for flexibility Active Learning Activities Found in STUDENT LEARNING TOOLS Activity Class Activity # 23 SLT pp.# Topic(s) Description Uses team collaboration and observation and comparison to engage students in discovering the differences between periodic and perpetual inventory systems. Also discusses the advantages of each. Uses resident expert instruction to reinforce understanding of the four cost flow assumptions. Instructors can specify the inventory system to assume in this activity. Uses think-square-share and writing to learn to reinforce understanding of the inventory valuation methods using periodic inventory. Requires that students discuss and report on the benefits of each method. Requires that students use and report on the merchandise turnover ratio. 118-119 Periodic and perpetual inventory systems 121 Cost flow assumptions Class Activity # 24 Class Activity # 25 122-124 Inventory valuation method and merchandise turnover The McGraw-Hill Companies, Inc., 2005 114 Fundamental Accounting Principles, 17/e Chapter Outline I. Inventory Basics A. Items in Merchandise Inventory Includes all goods that a company owns and holds for sale. 1. Goods in transitincluded if ownership has passed. 2. Goods on consignmentowned by consignor. 3. Goods damaged or obsoletenot included if they cannot be sold. If salable, included at a conservative estimate of their net realizable value (sales price minus cost of making the sale). B. Cost of Merchandise Inventory Includes cost of expenditures necessary, directly or indirectly, in bringing an item to a salable condition and location. 1. Cost example: invoice price minus any discount, plus any incidental costs such as import duties, transportation-in, storage, insurance, etc. 2. Matching principle states that inventory costs should be recorded against revenue in the period when inventory is sold. 3. Exception: Under the materiality principle or the cost-tobenefit constraint (effort outweighs benefit), incidental costs of acquiring inventory maybe deemed immaterial and allocated to cost of goods sold in the period when they are incurred. C. Internal Controls and Taking a Physical Count 1. The Inventory account under a perpetual system is updated for each purchase and sale. 2. Physical count is generally taken at the end of its fiscal year or when inventory amounts are low (at least once per year). 3. Physical inventory is used to adjust the Inventory account balance to the actual inventory on hand and thus account for theft, loss, damage, and errors. 4. Internal controls (such as pre-numbered inventory tickets, assigned primary and secondary counters, and manager confirmations) are applied when a physical count is taken. Inventory Costing Under a Perpetual SystemAccounting for inventory affects both the balance sheet and the income statement. There are 4 commonly used inventory costing methods. Each assumes a particular pattern of how cost flow through inventory. Physical flow and cost flow need not be the same. Notes II. Instructors Resource, Manual, Chapter 6 The McGraw-Hill Companies, Inc., 2005 115 Chapter Outline (Note: The following assumes a perpetual inventory system. The periodic system is addressed in the appendix 6A outline.) A. Inventory Cost Flow Assumptions Four methods of assigning costs to inventory and cost of goods sold are: 1. Specific identificationwhen each item in inventory can be identified with a specific purchase and invoice, we can use this method to assign actual cost of units sold to cost of goods sold and leave actual cost of units on hand in the inventory account. 2. First-in, first-out (FIFO)when sales occur, the costs of the earliest units acquired are charged to cost of goods sold, leaving costs of most recent purchases in inventory. 3. Last-in, first-out (LIFO)when sales occur, costs of the most recent purchases are charged to cost of goods sold, leaving costs of earliest purchases in inventory. (Note: LIFO comes closest to matching current costs against revenues.) 4. Weighted average (also called average cost)requires we compute the weighted average cost per unit of inventory at the time of each sale (cost of goods available divided by units available). We charge this weighted average cost per unit times units sold to cost of goods. Note: Advanced computing technology has made perpetual inventory systems more affordable and more widely used. B. Financial Statement Effects of Costing Methods When purchase prices are different, the 4 costing methods nearly always assign different cost amounts. When costs regularly rise, note the following results: 1. FIFO assigns the lowest amount to cost of goods sold yielding the highest gross profit and the highest net income. 2. LIFO assigns the highest amount to cost of goods sold yielding the lowest gross profit and the lowest net income. 3. Weighted average method yields results between FIFO and LIFO. 4. Specific identification always yields results that depend on which units are sold. Note: When costs regularly decline the reverse of above occurs for FIFO and LIFO. All 4 methods are acceptable. Companies must disclose method used in its financial statement or notes. Each method offers certain advantages: 1. FIFO assigns an amount to inventory on the balance sheet that approximates current replacement costs. Notes The McGraw-Hill Companies, Inc., 2005 116 Fundamental Accounting Principles, 17/e Chapter Outline 2. LIFO better matches current costs with revenues on the income statement. 3. Weighted Average tends to smooth out erratic changes in costs. 4. Specific Identification exactly matches costs with revenues they generate. C. Tax Effects of Costing Methods Since inventory costs affect net income, they have potential tax effects. Companies can use different methods for financial reporting and tax reporting. Exception: When LIFO is used for tax purposes, IRS requires it be used for financial statements. D. Consistency in Using Costing Methods The consistency principle requires that a company use the same accounting methods period after period (for comparability) unless a change will improve financial reporting. Full-disclosure principle requires any change, its justification and effect of net income be reported. Valuing Inventory at LCM and the Effects of Inventory Errors A. Lower of Cost or Market (LCM) Accounting principles require that inventory be reported on the balance sheet at market value when market is lower than cost. 1. Market in the term LCM is defined as replacement cost. 2. LCM is applied in one of three ways: a. to each individual item separately b. to major categories of products c. to the entire inventory. 3. When recorded cost is higher than replacement cost (market), inventory is adjusted downward and an increase to cost of goods sold is recorded. 4. LCM is often justified with reference to conservatism principle. B. Financial Statement Effects of Inventory Errors 1. Inventory errors cause misstatements in cost of goods sold, gross profit, net income, current assets, and equity. 2. Erroneous ending inventory of one period becomes erroneous beginning inventory of next and results in misstatements in that next period's statements. 3. An inventory error, although serious, is said to be selfcorrecting because it always yields an offsetting error in next period. Notes II. Instructors Resource, Manual, Chapter 6 The McGraw-Hill Companies, Inc., 2005 117 Chapter Outline 4. Understated ending inventories result in understated assets and equity (on balance sheet), and an overstated net income (on income statement) that period. Note: overstated ending inventories have the reverse effects. Beginning 5. inventory errors do not affect the balance sheet but do affect the current periods net income. Decision AnalysisInventory Turnover and Days Sales in Inventory A. Inventory Turnover 1. Calculated by dividing cost of goods sold by average merchandise inventory. 2. Reveals how many times a company turns over (sells) it inventory during a period. 3. Users apply it to analyze short-term liquidity and to assess managements ability to control inventory availability. 4. A low ratio (in comparison to competitors) suggests inefficient use of assets and a high ratio suggests inventory may be too low. B. Days' Sales in Inventory 1. Reveals how much inventory is available in terms of the number of days sales (how many days one can sell from inventory if no new items are purchased). 2. Calculated by dividing ending inventory by cost of goods sold, and then multiplying the result by 365. C. Analysis of inventory management A major emphasis for most merchandisers to both plan and control inventory purchases and sales. Inventory Costing Under a Periodic System (Appendix 6A) A. The basic aim of the periodic and perpetual system is the same. The aim is to assign costs to inventory and cost of goods sold. B. The same four methods of assigning costs are used in each system but the results may differ by inventory system due to timing of cost assignment (Note: perpetualcost assigned at point of sale vs. periodic costs assigned at year end when physical count is taken). 1. Specific identificationperiodic results will be same as perpetual since specific cost will always be the same regardless of system used. 2. First-in, first-out (FIFO)periodic results will be same results as perpetual since first costs will always be the same regardless of system used. Notes III. IV. The McGraw-Hill Companies, Inc., 2005 118 Fundamental Accounting Principles, 17/e 3. Last-in, first-out (LIFO)periodic results differ from Chapter Outline perpetual results because timing of cost assignment changes what is identified as the last cost. Perpetual LIFO identifies last cost at point of sale, whereas periodic LIFO identifies last cost at year end. 4. Weighted averageperiodic results differ from perpetual because timing of cost assignment changes what costs are averaged. Periodic weighted average is computed once at year end and is based on total cost of goods available for sale and total units available for sale. C. Financial Statement Effects A periodic system has the same general affects on financial statements as perpetual system. Inventory Estimation Methods (Appendix 6B) B. Retail Inventory Method Estimates the cost of ending inventory for interim statements in a periodic inventory system when a physical count is taken only annually. Also used to estimate if casualty loss makes physical count impossible. Steps: 1. Subtract sales (general ledger amount) from goods available measured at retail price (retail data in supplementary records) to get ending inventory at retail. 2. Find cost ratio by dividing total of goods available at cost by total of goods available at retail. 3. Apply cost ratio to ending inventory at retail to convert to ending inventory at cost. C. Gross Profit Method Estimates the cost of ending inventory for insurance claims when inventory is destroyed, lost or stolen. Preliminary steps: (a) Determine the normal gross profit percentage from recent years. (b) Find the cost of goods percentage (100% less gross profit percentage). Steps to estimate inventory using gross profit method: 1. Multiply actual sales by the cost of goods sold percentage to get estimated cost of goods sold. 2. Subtract estimated cost of goods sold from the actual amount of cost of goods available for sale to get estimated ending inventory at cost. Notes V. Instructors Resource, Manual, Chapter 6 The McGraw-Hill Companies, Inc., 2005 119 The McGraw-Hill Companies, Inc., 2005 120 Fundamental Accounting Principles, 17/e VISUAL #13 Schedule of Cost of Goods Available Jan. 1 Beginning Inventory Jan. 7 Purchase Jan. 15 Purchase Jan 25 Purchase Goods available for sale Units 60 90 100 50 300 @ @ @ @ Cost $10 11 13 16 = = = = Total $ 600 990 1,300 800 $3,690 Sold a total of 230 units for $20 per unit. Timing of sales is as follows: Jan. 1- Sold 30 units (actual CPU $10) Jan. 9- Sold 70 units (actual CPU: 20 @ $10 and 50 @ $11) Jan 17-Sold 100 units (actual CPU: 50 @ $13, 30 @ $11 and 20 @ $10) Jan 28-Sold 30 units (actual CPU: 20 @ 16, 10 @ $13) Cost Flow Assumptions or Methods of Assigning Cost to Units as Sold (CGS) (Using a Perpetual Inventory System) (1) Specific Identification Each time a sale occurs, the actual invoice cost of the units sold is identified and charged to cost of goods sold. This leaves the actual cost of units left in inventory. Weighted Average Each time a sale occurs, the weighted average cost per unit is determined (based on total cost of goods available at point of sale divided by total number of units of available at point of sale). This cost is charged to cost of goods sold, leaving a weighted average cost in inventory. First-in, First-out (FIFO) Each time a sale occurs, the costs of the earliest units acquired are charged to cost of goods sold, leaving costs of most recent purchases in inventory. Last-in, First-out (LIFO) Each time a sale occurs, costs of the most recent purchases are charged to cost of goods sold, leaving costs of earliest purchases in inventory. (2) (3) (4) Instructors Resource, Manual, Chapter 6 The McGraw-Hill Companies, Inc., 2005 121 The McGraw-Hill Companies, Inc., 2005 122 Fundamental Accounting Principles, 17/e VISUAL #14 Schedule of Cost of Goods Available Units Jan. 1 Beginning Inventory Mar. 27 Purchase Aug. 15 Purchase Nov. 6 Purchase Goods available for sale Units in physical count at year end 60 90 100 50 300 70 @ @ @ @ Cost $10 11 13 16 = = = = Total $ 600 990 1,300 800 $3,690 Cost Flow Assumptions or Methods of Assigning Cost to Units in Ending Inventory (Using a Periodic Inventory System) (1) Specific Identification - requires that each item in an inventory be assigned its actual invoice cost. Weighted Average - a weighted average cost per unit is determined based on total cost and units of goods available for sale. This cost is assigned to units in the ending inventory. First-in, First-out (FIFO) - assumes the first units acquired (beginning inventory) are the first to be sold and that additional sales flow is in the order purchased. Therefore, the costs of the last items received are assigned to the ending inventory. Last-in, First-out (LIFO) - assumes the last units acquired (most recent purchase) are the first units sold. Therefore, the cost of the first items acquired (starting with beginning inventory) is assigned to the ending inventory. (2) (3) (4) Note: In all methods, Cost of Good Sold equals Cost of Good Available minus Ending Inventory (as computed by chosen method). Instructors Resource, Manual, Chapter 6 The McGraw-Hill Companies, Inc., 2005 123 The McGraw-Hill Companies, Inc., 2005 124 Fundamental Accounting Principles, 17/e VISUAL #15 CGA always has 2 parts Which costs to assign to each? Varies by method EI most recent costs FIFO out = sold (first or earliest costs) LIFO out = sold (last or most recent) In an inflationary period (rising prices) CGS earliest costs EI CGS highest lowest lowest EI earliest costs CGS highest most recent costs OBSERVATIONS CGA - EI CGS (varies by method) (affected by method) Net Sales - CGS Gross Profit (affected by method) (affected by method) Verbally identify the impact of LIFO & FIFO on net income in a period of rising prices and a period of declining prices. Which method(s) will result in the same EI and CGS under both a Perpetual and Periodic Inventory System? Instructors Resource, Manual, Chapter 6 The McGraw-Hill Companies, Inc., 2005 125 The McGraw-Hill Companies, Inc., 2005 126 Fundamental Accounting Principles, 17/e Alternate Demonstration Problem Chapter Six The ABC Company had the following inventory record for the month of January: Date 1/1 1/5 1/11 1/28 Description Beginning inventory Sale Purchase Sale # of Items 5 2 9 7 Unit Price $20 12 Item Z1, Z5 Z2, Z5 Z6, Z14 Z1, Z2, Z6, Z7, Z8, Z9, Z14 Required: Assuming a perpetual inventory system is used, determine the cost of goods sold and the ending inventory 1. 2. 3. 4. FIFO LIFO Weighted average Specific identification Instructors Resource, Manual, Chapter 6 The McGraw-Hill Companies, Inc., 2005 127 Solution: Alternate Demonstration Problem Chapter Six 1. FIFO Perpetual Inventory Balance Date 1/1 Beginning Inventory 1/5 1/11 1/28 Total CGS Purchases Sales at Cost 5 @ $20 = $100 2 @ $20 = $ 40 9 @ 12=$108 3 @ $20 = $ 60 4 @ $12 = 48 $108 $ 40 + 108 = $148 3 @ $20 = $ 60 3 @ $20 = $ 60 9 @ $12 = 108 $168 5 @ $12 = $ 60 Ending Inventory 2. LIFO Perpetual Inventory Balance Date 1/1 Beginning Inventory 1/5 1/11 1/18 Purchases Sales at Cost 5 @ $ 20 = $100 2 @ $20 = $ 40 9 @ $12=$108 7 @ $12 = $ 84 3 @ $20 = 60 3 @ $20 = $ 60 9 @ $12 = 108 $168 3 @ $20 = $ 60 2 @ $12 = 24 $ 84 Ending Inventory Total CGS $40 + 84 = $124 The McGraw-Hill Companies, Inc., 2005 128 Fundamental Accounting Principles, 17/e 3. Weighted Average Perpetual Inventory Balance Date 1/1 Beginning Inventory 1/5 1/11 Purchases Sales at Cost 5 @ $20 = $100 2 @ $20 = $ 40 9 @ 12=$108 3 @ $20 = $ 60 3 @ $20 = $ 60 9 @ $12 = 108 $168 $168/12 = $ 14 CPU 5 @ $14 = $ 70 Ending Inventory 1/18 Total CGS 7 @ $14 = $ 98 $ 40 + 94 = $138 4. Specific Identification Perpetual Date Purchases 1/1 Beginning Inventory 1/5 1/11 Sales at Cost Inventory Balance 5 @ $ 20 = $100 Z1-Z5 2 @ $20 = $ 40 3 @ $20 = $ 60 Z2, Z5 Z1, Z3, Z4 9 @ $12=$108 3 @ $20 = $ 60 Z6-Z14 Z1, Z3, Z4 9 @ $12 = 108 Z6-Z14 $168 Z1, Z3 1 @ $20 = $ 20 2 @ $20 = $ 40 Z4 Z8, Z9, Z14 6 @ $12 = 72 3 @ $12 = $ 36 Z6-7, Z10-13 $ 76 $ 92 Ending Inventory $40 + 76 = $116 1/18 Total CGS Instructors Resource, Manual, Chapter 6 The McGraw-Hill Companies, Inc., 2005 129 The McGraw-Hill Companies, Inc., 2005 130 Fundamental Accounting Principles, 17/e

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Running head: USING PERCEPTUAL MAPS IN MARKETING SIMULATION1Using Perceptual Maps in Marketing Simulation Summary Marco Torres University of PhoenixUsing Perceptual Maps in Marketing Simulation Summary Perceptual maps advance a companys existing produc
UGA - PHYS - 1111
Southeastern Oklahoma State University - ECO2072 - ECO2072
iMS1 MS2FIGURE 1i1 i2 m1 i i2 i1 MD m2 i m1 MS QM MS2 MS1 m2 MD QMFIGURE 2FIGURE 3i1 i2 MD2 m MD1 QM
Southeastern Oklahoma State University - ECO2072 - ECO2072
The three situations given here are: 1. The Fed buys securities in the open market. 2. The reserve requirement is increased. 3. Consumers reduce their spending and increase saving. The first case, that of the Fed buying securities in the open market incre
Southeastern Oklahoma State University - ECO2072 - ECO2072
Chapter19 AMacroeconomicTheoryoftheOpenEconomyMULTIPLECHOICE 1. Overthepasttwodecades,theUnitedStateshas a. generallyhad,orbeenveryneartoatradebalance. b. hadtradedeficitsinaboutasmanyyearsasithastradesurpluses. c. persistentlyhadatradedeficit. d. persis
Southeastern Oklahoma State University - ECO2072 - ECO2072
Practice Questions Ch. 191. The open-economy macroeconomic model includes a. only the market for loanable funds. b. only the market for foreign-currency exchange. c. both the market for loanable funds and the market for foreign-currency exchange. d. neit
Southeastern Oklahoma State University - ECO2072 - ECO2072
Chapter19 AMacroeconomicTheoryoftheOpenEconomyMULTIPLECHOICE 1. Overthepasttwodecades,theUnitedStateshas a. generallyhad,orbeenveryneartoatradebalance. b. hadtradedeficitsinaboutasmanyyearsasithastradesurpluses. c. persistentlyhadatradedeficit. d. persis
Southeastern Oklahoma State University - ECO2072 - ECO2072
Economics1.Thegovernmentrunsadeficitwheneveritspendsmorethanittakesin.Thiscanbegoodfortheeconomybycreating jobs,butitcanhardtheeconomyifitdrivesupinterestrates.Highinterestrates"crowdout"privateinvestment,as businessescannotaffordloansatthehigherinterest
UC Davis - CHEM - 2B
Chapter 7- Thermodynamics First law. U= q + wa. U= H-PV b. U= Internal Energy Systems: a. Open b. Closed c. Work done on system- Positive d. System does work- Negative e. Heat in- Positive f. Heat out- Negative Work a. w= -PV b. Usually involves PV=n
UC Davis - CHEM 2B - 55953
Chapter 12- Liquids, Solids, and Intermolecular Forces Phase Diagram o Triple Point- Solid, liquid, gas together o Pressure (y) vs. Temp (x) o Critical Point-Mixture of liquid and gas. Cant differentiate o Solid,liquid,gas o Isotherm- vertical constant t
UC Davis - CHEM 2B - 55953
Chapter 15-Equilibrium Le' Chatelier o Ignore solids! o When add something it shifts to opposite side o When take something away it shifts to same side o Increase volume shifts towards larger o Decrease volume shifts towards smaller o Opposite for pressu
UC Davis - CHEM 2B - 55953
Chapter 16- Acids and Bases Base o Accepts proton o Donates OHo Electron pair donor o Strong Base- M= [OH] o LiOH, KOH, CsOH, NaOH, RbOH, Ca(OH), Sr(OH), Ba(OH) o Strong bases have large kb, pH, [OH] and a small pKb Acids o Donates proton o Electron pair
UC Davis - CHEM 2B - 55953
C hapter 18- Complex Ions and thei r P r inciples SolubilityInvolves compound dissociating into ions o Starts with solid o Only products, just like a K Will i t Precipitate o Compare Q's and K's o Q is less than K->no o Q greater-> yes o Must Find Q usi
UC Davis - CHEM 2B - 55953
Chapter 19- Entropy and Free Energy s o G o oEntropy. Disorder. Less able to do work Gibbs free energy. Leftover energy can convert to work If negative than spontanoues Equations o G= H-TS o G=-RT ln K o G=G of formation + RT ln Q Kf o K of formation o
UCSB - ECON - Econ 140
CHAPTER 2TEACHING NOTES This is the chapter where I expect students to follow most, if not all, of the algebraic derivations. In class I like to derive at least the unbiasedness of the OLS slope coefficient, and usually I derive the variance. At a minimu
UCSB - ECON - Econ 140
CHAPTER 3TEACHING NOTES For undergraduates, I do not work through most of the derivations in this chapter, at least not in detail. Rather, I focus on interpreting the assumptions, which mostly concern the population. Other than random sampling, the only
UCSB - ECON - Econ 140
CHAPTER 4TEACHING NOTES At the start of this chapter is good time to remind students that a specific error distribution played no role in the results of Chapter 3. That is because only the first two moments were derived under the full set of Gauss-Markov
UCSB - ECON - Econ 140
CHAPTER 6TEACHING NOTES I cover most of Chapter 6, but not all of the material in great detail. I use the example in Table 6.1 to quickly run through the effects of data scaling on the important OLS statistics. (Students should already have a feel for th
UCSB - ECON - Econ 140
CHAPTER 7TEACHING NOTES This is a fairly standard chapter on using qualitative information in regression analysis, although I try to emphasize examples with policy relevance (and only cross-sectional applications are included.). In allowing for different
UCSB - ECON - Econ 140
CHAPTER 8TEACHING NOTES This is a good place to remind students that homoskedasticity played no role in showing that OLS is unbiased for the parameters in the regression equation. In addition, you probably should mention that there is nothing wrong with
UCSB - ECON - Econ 140
CHAPTER 9TEACHING NOTES The coverage of RESET in this chapter recognizes that it is a test for neglected nonlinearities, and it should not be expected to be more than that. (Formally, it can be shown that if an omitted variable has a conditional mean tha