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ch06 - CHAPTER 6 Inventories ASSIGNMENT CLASSIFICATION...

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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, 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 8B 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 under 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.
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