Weyg_Finl_Ch06_SM_Final - CHAPTER 6 Inventories ASSIGNMENT...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
© 2009 For Instructor Use Only 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 2A, 3A, 4A, 5A, 6A 2B, 3B, 4B, 5B, 6B 3. Explain the financial effects of the inventory cost flow assumptions. 6, 11, 12 5 5, 6, 7 2A, 3A, 4A, 5A, 6A 2B, 3B, 4B, 5B, 6B 4. Explain the lower-of- cost-or-market basis of accounting for inventories. 13, 14, 15 6 8, 9 5. Indicate the effects of inventory errors on the financial statements. 16 7 10, 11 6. Compute and interpret the inventory turnover ratio. 17, 18 8 12, 13 *7. Apply the inventory cost flow methods to perpetual inventory records. 19, 20 9 14, 15 7A, 8A 7B, 8B *8. Describe the two methods of estimating inventories. 21, 22, 23, 24 10, 11 16, 17, 18 9A, 10A 9B, 10B * Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendices to the chapter.
Background image of page 1

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

View Full DocumentRight Arrow Icon
© 2009 For Instructor Use Only 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 Calculate ending inventory, cost of goods sold, gross profit, and gross profit rate under periodic method; compare results. Moderate 30–40 4A Compute ending inventory, prepare income statements, and answer questions using FIFO and LIFO. Moderate 30–40 5A Compare specific identification, FIFO, and LIFO under periodic method; use cost flow assumption to justify price increase. Moderate 20–30 6A Compute ending inventory, prepare income statements, and answer questions using FIFO and LIFO. Moderate 30–40 *7A 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 *8A Determine ending inventory under a perpetual inventory system. Moderate 40–50 *9A Compute gross profit rate and inventory loss using gross profit method. Moderate 30–40 *10A 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 Calculate ending inventory, cost of goods sold, gross profit, and gross profit rate under periodic method; compare results. Moderate 30–40 4B Compute ending inventory, prepare income statements, and answer questions using FIFO and LIFO. Moderate 30–40 5B Compare specific identification, FIFO, and LIFO under periodic method; use cost flow assumption to influence earnings.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 64

Weyg_Finl_Ch06_SM_Final - CHAPTER 6 Inventories ASSIGNMENT...

This preview shows document pages 1 - 3. Sign up to view the full document.

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