KISV_SM_CH08COMPLETE - 8-1CHAPTER 8 Valuation of...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 8-1CHAPTER 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 8-2ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exercises Problems 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. 8-3ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) E8-1 Inventoriable costs. Moderate 1520 E8-2 Inventoriable costs. Moderate 1015 E8-3 Inventoriable costs. Simple 1015 E8-4 Inventoriable costsperpetual. Simple 1015 E8-5 Inventoriable costserror adjustments. Moderate 1520 E8-6 Determining merchandise amountsperiodic. Simple 1020 E8-7 Purchases recorded net. Simple 1015 E8-8 Purchases recorded, gross method. Simple 2025 E8-9 Periodic versus perpetual entries. Moderate 1525 E8-10 Inventory errors, periodic. Simple 1015 E8-11 Inventory errors. Simple 1015 E8-12 Inventory errors. Moderate 1520 E8-13 FIFO and LIFOperiodic and perpetual. Moderate 1520 E8-14 FIFO, LIFO and average cost determination. Moderate 2025 E8-15 FIFO, LIFO, average cost inventory. Moderate 1520 E8-16 Compute FIFO, LIFO, average costperiodic. Moderate 1520 E8-17 FIFO and LIFO; periodic and perpetual. Simple 1015 E8-18 FIFO and LIFO; income statement presentation. Simple 1520 E8-19 FIFO and LIFO effects. Moderate 1520 E8-20 FIFO and LIFOperiodic. Simple 1015 E8-21 LIFO effect. Moderate 1015 E8-22 Alternate inventory methodscomprehensive. Moderate 2530 E8-23 Dollar-value LIFO. Simple 510 E8-24 Dollar-value LIFO. Simple...
View Full Document

This note was uploaded on 03/29/2010 for the course FINANCE 0011100110 taught by Professor Shentingchun during the Spring '10 term at Nashville State Community College.

Page1 / 76

KISV_SM_CH08COMPLETE - 8-1CHAPTER 8 Valuation of...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online