ch08solution - CHAPTER 8 Valuation of Inventories A Cost...

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CHAPTER 8 Valuation of Inventories: A Cost Basis Approach ASSIGNMENT CLASSIFICATION TABLE Topics Questions Brief Exercises Exercises Problems Cases 1. Inventory accounts;  determining quantities,  costs, and items to be  included in inventory;    the inventory equation;  balance sheet disclosure. 1, 2, 3, 4, 5, 6, 8, 9 1, 3 1, 2, 3, 4, 5,  6, 10 1, 2, 3 1, 2, 3, 5,  11 2. Perpetual vs. periodic. 2 9, 13, 14, 17 4, 5, 6 3. Recording of discounts. 10, 11 7, 8 3 4 4. Inventory errors. 7 4 2, 3, 4, 5,  10, 11, 12 2 5. Flow assumptions. 12, 13, 16,  18, 20 5, 6, 7 13, 14, 15,  16, 17, 18,  19, 20, 21,  22 1, 4, 5, 6,  7 5, 6, 7, 8 6. Inventory accounting  changes. 18 7 6, 7, 10 7. Dollar-value LIFO  methods. 14, 15, 17,  18, 19 8, 9 23, 24, 25,  26 1, 8, 9, 10, 11 8, 9 8-1
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ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time  (minutes) E8-1 Inventoriable costs. Moderate  15-20 E8-2 Inventoriable costs. Moderate  10-15 E8-3 Inventoriable costs—perpetual Simple 10-15 E8-4 Inventoriable costs. Simple 10-15 E8-5 Inventoriable costs—error adjustments. Moderate 15-20 E8-6 Determining merchandise amounts—periodic. Simple 10-20 E8-7 Purchases recorded net. Simple 10-15 E8-8 Purchases recorded, gross method. Simple 20-25 E8-9 Periodic versus perpetual entries. Moderate 15-25 E8-10 Inventory errors, periodic. Simple 10-15 E8-11 Inventory errors. Simple 10-15 E8-12 Inventory errors. Moderate 15-20 E8-13 FIFO and LIFO—periodic and perpetual. Moderate 15-20 E8-14 FIFO, LIFO and average cost determination. Moderate 20-25 E8-15 FIFO, LIFO, average cost inventory. Moderate 15-20 E8-16 Compute FIFO, LIFO, average cost—periodic. Moderate 15-20 E8-17 FIFO and LIFO; periodic and perpetual. Simple 10-15 E8-18 FIFO and LIFO; income statement presentation. Simple 15-20 E8-19 FIFO and LIFO effects. Moderate 15-20 E8-20 FIFO and LIFO—periodic. Simple 10-15 E8-21 LIFO effect. Moderate 10-15 E8-22 Alternate inventory methods—comprehensive. Moderate 25-30 E8-23 Dollar-value LIFO. Simple 5-10 E8-24 Dollar-value LIFO. Simple 15-20 E8-25 Dollar-value LIFO. Moderate 20-25 E8-26 Dollar-value LIFO. Moderate 15-20 P8-1 Various inventory issues. Moderate 30-40 P8-2 Inventory adjustments. Moderate 25-35 P8-3 Purchases recorded gross and net. Simple 20-25 P8-4 Compute FIFO, LIFO, and average cost—periodic and  perpetual. Complex 40-55 P8-5 Compute FIFO, LIFO, and average cost—periodic and  perpetual. Complex 40-55 P8-6 Compute FIFO, LIFO, and average cost—periodic and  perpetual. Moderate  25-35 P8-7 Financial statement effects of FIFO and LIFO. Moderate 30-40 P8-8 Dollar-value LIFO. Moderate 30-40 8-2
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ASSIGNMENT CHARACTERISTICS TABLE (Continued) Item Description Level of Difficulty Time  (minutes) P8-9 Internal indexes—dollar-value LIFO. Moderate 25-35 P8-10 Internal indexes—dollar-value LIFO. Complex 30-35 P8-11 Dollar-value LIFO. Moderate 40-50 C8-1 Inventoriable costs. Moderate 15-20 C8-2 Inventoriable costs. Moderate 15-25 C8-3 Inventoriable costs. Moderate 25-35 C8-4 Accounting treatment of purchase discounts.
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