K12E SM - CH08 - COMPLETE FILE

# K12E SM - CH08 - COMPLETE FILE - CHAPTER 8 Valuation of...

This preview shows pages 1–6. Sign up to view the full content.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: CHAPTER 8 Valuation of Inventories: A Cost-Basis Approach ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis 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 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Bri ef Exe rcis es Exer cises Pro ble ms 1. Identify major classifications of inventory. 1 2. Distinguish between perpetual and periodic inventory systems. 2 4, 9, 13, 16, 17, 18, 20 4, 5, 6 3. Identify the effects of inventory errors on the financial statements. 4 5, 10, 11, 12 4. Understand the items to include as inventory cost. 1, 3 1, 2, 3, 4, 5, 6, 7, 8 1, 2, 3 5. Describe and compare the cost flow assumptions used to account for inventories. 5, 6, 7 13, 14, 15, 16, 17, 18, 19, 20, 22 1, 4, 5, 6, 7 6. Explain the significance and use of a LIFO reserve. 21 7. Understand the effect of LIFO liquidations. 8. Explain the dollar-value LIFO method. 8, 9 22, 23, 24, 25, 26 1, 8, 9, 10, 11 9. Identify the major advantages and disadvantages of LIFO. 10. Understand why companies select given inventory methods. 8-2 ASSIGNMENT CHARACTERISTICS TABLE 8-3 It e m Description Level of Difficu lty Time (minut es) E 8- 1 Inventoriable costs. Moder ate 15–20 E 8- 2 Inventoriable costs. Moder ate 10–15 E 8- 3 Inventoriable costs. Simple 10–15 E 8- 4 Inventoriable costs—perpetual. Simple 10–15 E 8- 5 Inventoriable costs—error adjustments. Moder ate 15–20 E 8- 6 Determining merchandise amounts—periodic. Simple 10–20 E 8- 7 Purchases recorded net. Simple 10–15 E 8- 8 Purchases recorded, gross method. Simple 20–25 E 8- 9 Periodic versus perpetual entries. Moder ate 15–25 E 8- 10 Inventory errors, periodic. Simple 10–15 E 8- 11 Inventory errors. Simple 10–15 E 8- 12 Inventory errors. Moder ate 15–20 E 8- 13 FIFO and LIFO—periodic and perpetual. Moder ate 15–20 8-4 E 8- 14 FIFO, LIFO and average cost determination. Moder ate 20–25 E 8- 15 FIFO, LIFO, average cost inventory. Moder ate 15–20 E 8- 16 Compute FIFO, LIFO, average cost—periodic. Moder ate 15–20 E 8- 17 FIFO and LIFO; periodic and perpetual. Simple 10–15 E 8- 18 FIFO and LIFO; income statement presentation. Simple 15–20 E 8- 19 FIFO and LIFO effects. Moder ate 15–20 E 8- 20 FIFO and LIFO—periodic. Simple 10–15 E 8- 21 LIFO effect. Moder ate 10–15 E 8- 22 Alternate inventory methods—comprehensive. Moder ate 25–30...
View Full Document

## This note was uploaded on 03/22/2010 for the course ACC ACC440 taught by Professor Wormer during the Spring '08 term at University of Phoenix.

### Page1 / 82

K12E SM - CH08 - COMPLETE FILE - CHAPTER 8 Valuation of...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online