ch06 - CHAPTER 6 Inventories ASSIGNMENT CLASSIFICATION...

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6-1 CHAPTER 6 Inventories ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems 1. Describe the steps in determining inventory quantities. 1, 2, 3, 4, 5 1 1, 2 1A 1B 2. Explain the accounting for inventories and apply the inventory cost flow methods. 5, 7, 8, 9, 10, 2, 3, 4 3, 4, 5, 6, 7, 8 2A, 3A, 4A, 5A, 6A, 7A 2B, 3B, 4B, 5B, 6B, 7B 3. Explain the financial effects of the inventory cost flow assumptions. 6, 11, 12 5, 6 3, 6, 7, 8 2A, 3A, 4A, 5A, 6A, 7A 2B, 3B, 4B, 5B, 6B, 7B 4. Explain the lower-of- cost-or-market basis of accounting for inventories. 13, 14, 15 7 9, 10 5. Indicate the effects of inventory errors on the financial statements. 16 8 11, 12 6. Compute and interpret the inventory turnover ratio. 17, 18 9 13, 14 *7. Apply the inventory cost flow methods to perpetual inventory records. 19, 20 10 15, 16, 17 8A, 9A 8B, 9B *8. Describe the two methods of estimating inventories. 21, 22, 23, 24 11, 12 18, 19, 20 10A, 11A 10B, 11B * Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendices to the chapter.
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6-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Determine items and amounts to be recorded in inventory. Moderate 15–20 2A Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis. Simple 30–40 3A Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis. Simple 30–40 4A Compute ending inventory, prepare income statements, and answer questions using FIFO and LIFO. Moderate 30–40 5A Calculate ending inventory, cost of goods sold, gross profit, and gross profit rate under periodic method; compare results. Moderate 30–40 6A Compare specific identification, FIFO, and LIFO under periodic method; use cost flow assumption to influence earnings. Moderate 20–30 7A Compute ending inventory, prepare income statements, and answer questions using FIFO and LIFO. Moderate 30–40 *8A Calculate cost of goods sold and ending inventory for FIFO, average-cost, and LIFO, under the perpetual system; compare gross profit under each assumption. Moderate 30–40 *9A Determine ending inventory under a perpetual inventory system. Moderate 40–50 *10A Estimate inventory loss using gross profit method. Moderate 30–40 *11A Compute ending inventory using retail method. Moderate 20–30 1B Determine items and amounts to be recorded in inventory. Moderate 15–20 2B Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis. Simple 30–40 3B Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis. Simple 30–40 4B Compute ending inventory, prepare income statements, and answer questions using FIFO and LIFO. Moderate 30–40 5B Calculate ending inventory, cost of goods sold, gross profit, and gross profit rate under periodic method; compare results.
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This note was uploaded on 04/15/2010 for the course ACCOUNTING 1234 taught by Professor Ahmed during the Spring '10 term at Abu Dhabi University.

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ch06 - CHAPTER 6 Inventories ASSIGNMENT CLASSIFICATION...

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