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Unformatted text preview: CHAPTER 6 INVENTORIES AND COST OF SALES Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Identify the items making up merchandise inventory. 2, 16 6-5, 6-6 HTR C2. Identify the costs of merchandise inventory. 3, 15, 17 6-7, 6-8 RIA, HTR Analytical objectives: A1. Analyze the effects of inventory methods for both financial and tax reporting. 4, 5, 6, 7 6-4 6-2, 6-8 6-5 EC,CIP, TIA A2. Analyze the effects of inventory errors on current and future financial statements. 8, 9 6-10 6-6 6-2 GD A3. Assess inventory management using both inventory turnover and days' sales in inventory. 6-11 6-7, 6-8 RIA, CA, TTN, BW ED Procedural objectives: P1. Compute inventory in a perpetual system using the methods of specific identification, FIFO, LIFO, and weighted average. 1, 4 6-1, 6-2, 6-3 6-1, 6-3, 6-4 6-1 TIA P2. Compute the lower of cost or market amount of inventory. 10, 11 6-9 6-5 6-3 P3 A . Compute inventory in a periodic system using the methods of specific identification, FIFO, LIFO, and weighted average. (Appendix 6A) 13 6-12, 6-13 6-9, 6-10 6-11, 6-12 6-4, 6-5 P4 B . Apply both the retail inventory and gross profit methods to estimate inventory. (Appendix 6B) 12, 14 6-14 6-13, 6-14, 6-11 6-7 *See additional information on next page that pertains to these quick studies, exercises and problems. ©The McGraw-Hill Companies, Inc., 2005 Instructors Resource, Manual, Chapter 6 113 Additional information on Related Assignment Material Corresponding problems in set B (in text) and set C (on books website), also relate to learning objectives identified in grid on previous page. The Serial Problem for Success Systems continues in this chapter. Problems 6-2A and 6-6A can be completed using Excel. Problem 6-4A can be completed with Peachtree or Carol Yatch General Ledger Software. Homework Manager (on books website) repeats all numerical Quick Studies all Exercises and Problems 6-1A, 6-3A. Homework Manager provides new numbers each time the Quick Study, Exercise or Problem is worked. It can be used in practice, homework, or exam mode . Synopsis of Chapter Revisions FunKo NEW opener New discussion on internal controls and inventory New introduction to inventory cost flow assumptions Added simplified journal entries to inventory computations Revised discussion of lower of cost or market Moved gross profit and retail inventory methods to appendix for flexibility Active Learning Activities Found in STUDENT LEARNING TOOLS Activity SLT pp.# Topic(s) Description Class Activity # 23 118-119 Periodic and perpetual inventory systems Uses team collaboration and observation and comparison to engage students in discovering the differences between periodic and perpetual inventory systems. Also discusses the advantages of each. ...
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