ch06
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ch06

Course: ECON 312, Spring 2011

School: Atlantic PR

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CHAPTER 6 Inventories ASSIGNMENT CLASSIFICATION TABLE Study Objectives 1. Describe the steps in determining inventory quantities. Explain the basis of accounting for inventories, and describe the inventory cost flow methods. Explain the financial statement and tax effects of each of the inventory cost flow methods. Explain the lower of cost or market basis of accounting for inventories. Indicate the effects of...

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6-1CHAPTER 6InventoriesASSIGNMENT CLASSIFICATION TABLEStudy ObjectivesQuestionsBriefExercisesExercisesAProblemsBProblems1.Describe the steps indetermining inventoryquantities.1, 2, 3, 4,5, 611, 21A1B2.Explain the basis ofaccounting for inventories,and describe the inventorycost flow methods.5, 6, 8, 9,10, 112, 3, 43, 4, 5, 6, 72A, 3A, 4A,5A, 6A, 7A2B, 3B, 4B,5B, 6B, 7B3.Explain the financialstatement and tax effectsof each of the inventorycost flow methods.7, 12, 135, 63, 6, 72A, 3A, 4A,5A, 6A, 7A,8A2B, 3B, 4B,5B, 6B, 7B8B4.Explain the lower of costor market basis ofaccounting for inventories.14, 15, 16785.Indicate the effects ofinventory errors on thefinancial statements.1789, 106.Compute and interpretinventory turnover.18, 19911*7.Apply the inventory costflow methods to perpetualinventory records.20, 211012, 13, 148A, 9A8B, 9B*8.Describe the two methodsof estimating inventories.22, 23, 24,2511, 1211, 15, 1610A, 11A10B, 11B*Note:All asteriskedQuestions, Exercises, and Problems relate to material contained in theappendices *to the chapter.6-2ASSIGNMENT CHARACTERISTICS TABLEProblemNumberDescriptionDifficultyLevelTime Allotted(min.)1ADetermine items and amounts to be recorded in inventory.Moderate15202ADetermine cost of goods sold and ending inventory usingFIFO, LIFO, and average cost with analysis.Simple30403ADetermine cost of goods sold and ending inventory usingFIFO, LIFO, and average cost with analysis.Simple30404ACompute ending inventory, prepare income statements,and answer questions using FIFO and LIFO.Moderate30405ACalculate ending inventory, cost of goods sold, grossprofit, and gross profit rate under periodic method;compare results.Moderate30406ACompare specific identification, FIFO, and LIFO underperiodic method; use cost flow assumption to justify priceincrease.Moderate20307ACompute ending inventory, prepare income statements,and answer questions using FIFO and LIFO.Moderate3040*8ACalculate cost of goods sold and ending inventory underLIFO, FIFO, and average cost under the perpetualsystem; compare gross profit under each assumption.Moderate3040*9ADetermine ending inventory under a perpetual inventorysystem.Moderate4050*10ACompute gross profit rate and inventory loss using grossprofit method.Moderate3040*11ACompute ending inventory using retail method.Moderate20301BDetermine items and amounts to be recorded in inventory.Moderate15202BDetermine cost of goods sold and ending inventory usingFIFO, LIFO, and average cost with analysis.Simple30403BDetermine cost of goods sold and ending inventory usingFIFO, LIFO, and average cost with analysis.Simple30404BCompute ending inventory, prepare income statements,and answer questions using FIFO and LIFO.

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