chapter_06 - CHAPTER 6 Inventories ASSIGNMENT...

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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, 6 1 1, 2 1A 1B 2. Explain the basis of accounting for inventories, and describe the inventory cost flow methods. 5, 6, 8, 9, 10, 11 2, 3, 4 3, 4, 5, 6, 7 2A, 3A, 4A, 5A, 6A, 7A 2B, 3B, 4B, 5B, 6B, 7B 3. Explain the financial statement and tax effects of each of the inventory cost flow methods. 7, 12, 13 5, 6 3, 6, 7 2A, 3A, 4A, 5A, 6A, 7A, 8A 2B, 3B, 4B, 5B, 6B, 7B 4. Explain the lower of cost or market basis of accounting for inventories. 14, 15, 16 7 8 5. Indicate the effects of inventory errors on the financial statements. 17 8 9, 10 6. Compute and interpret inventory turnover. 18, 19 9 11 *7. Apply the inventory cost flow methods to perpetual inventory records. 20, 21 10 12, 13, 14 8A, 9A 8B, 9B *8. Describe the two methods of estimating inventories. 22, 23, 24, 25 11, 12 11, 15, 16 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 justify price increase. 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 using LIFO, FIFO, and average cost 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 Compute gross profit rate and 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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chapter_06 - CHAPTER 6 Inventories ASSIGNMENT...

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