CH09 - CHAPTER 9 Inventories ASSIGNMENT CLASSIFICATION...

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Unformatted text preview: CHAPTER 9 Inventories ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises Problems Alternate Problems 1. Describe the steps in determining inventory quantities. 4, 5, 6, 7, 8, 9 4 4 2. Prepare the entries for purchases and sales of inventory under a peri- odic inventory system. 1 1 1 1 1 3. Determine cost of goods sold under a periodic in- ventory system. 2, 3 2, 3 2 1, 2 1, 2 4. Identify the unique fea- tures of the income state- ment for a merchandis- ing company using a per- iodic inventory system. 10 3 1, 2 1, 2 5. Explain the basis of ac- counting for inventories and describe the inven- tory cost flow methods. 8, 9, 11, 12, 13, 14 5, 6, 7 5, 6, 7 3, 4 3, 4 6. Explain the financial statement and tax effects of each of the inventory cost flow methods. 15, 16, 25 6, 7 3, 4 3, 4 7. Explain the lower of cost or market basis of accounting for inven- tories. 17, 18, 19 8 8 8. Indicate the effects of inventory errors on the financial statements. 24 11 11, 12 9-1 ASSIGNMENT CLASSIFICATION TABLE (Continued) Study Objectives Questions Brief Exercises Exercises Problems Alternate Problems *9. Describe the two methods of estimating inventories. 20, 21, 22, 23 9, 10 9, 10 5, 6 5, 6 *10. Apply the inventory cost flow methods to perpetual inventory records. 26, 27 12 13 7 7 *Note: All asterisked Questions, Exercises, and Problems relate to material contained in the Appendix * to each chapter. 9-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1 Journalize, post, and prepare trial balance and partial income statement. Simple 30-40 2 Prepare an income statement. Simple 15-20 3 Determine cost of goods sold and ending inventory using FIFO, LIFO, and average cost with analysis. Simple 30-40 4 Compute ending inventory, prepare income statements and answer questions using FIFO and LIFO. Moderate 30-40 *5 Compute gross profit rate and inventory loss using the gross profit method. Moderate 30-40 *6 Compute ending inventory using the retail inventory method. Moderate 20-30 *7 Determine ending inventory under a perpetual inventory system. Moderate 40-50 1A Journalize, post, and prepare a trial balance and partial income statement. Simple 30-40 2A Prepare an income statement. Simple 15-20 3A Determine cost of goods sold and ending inventory using FIFO, LIFO, and average cost. Simple 30-40 4A Compute ending inventory, prepare income statements and answer questions using FIFO and LIFO. Moderate 30-40 *5A Estimate inventory loss using the gross profit method. Moderate 30-40 *6A Compute ending inventory and cost of inventory lost using the retail inventory method. Moderate 20-30 *7A Determine ending inventory under a perpetual inventory system....
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This note was uploaded on 04/20/2010 for the course ACC 363 $21 taught by Professor Mr.someone during the Spring '06 term at University of Phoenix.

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CH09 - CHAPTER 9 Inventories ASSIGNMENT CLASSIFICATION...

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