CHAPTER 9 - CHAPTER 9 Accounting for Inventories ASSIGNMENT...

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Unformatted text preview: CHAPTER 9 Accounting for Inventories ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems 1. Inventory accounts; determining quantities, costs, and items to be included in inventory; the inventory equation; balance sheet disclosure. 1, 2, 3, 4, 5, 6 1, 3 1, 2, 3, 4, 5, 6 1 2. Perpetual vs. periodic. 2 8, 9, 10, 13 2, 3, 4 3. Manufacturing costs. 7 4. Flow assumptions. 7, 8, 9, 11, 13 4, 5, 6 9, 10, 11, 12, 13, 14, 15, 16, 17, 18 2, 3, 4, 5 5. Inventory accounting changes. 5, 7 6. Dollar-value LIFO methods. 10, 12 7, 8 18, 19, 20, 21 6, 8 7. Lower-of-cost-or-market. 14, 15, 16, 17 9, 10 22, 23, 24 9, 10, 11 8. Presentation and analysis. 18, 19 11 25 11 *9. Gross profit method. 20, 21 12 26 12 *This material is presented in the appendix. ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exercises Problems 1. Identify major classifications of inventory. 1, 2 1, 2, 3, 4, 7 2. Distinguish between perpetual and periodic inventory systems. 2, 4, 5, 6 5, 6, 7, 8, 9, 13 2, 3, 4, 5 3. Understand the items to include as inventory cost. 3 1, 2, 3, 4, 6, 7, 16 1 4. Describe and compare the cost flow assumptions used to account for inventories. 8, 9, 10, 11, 12, 13, 15, 17, 18 1, 2, 3, 4, 5, 7 5. Explain the significance and use of a LIFO reserve. 17 6. Understand the effect of LIFO liquidations. 6, 7 7. Explain the dollar-value LIFO method. 7, 8 18, 19, 20, 21 1, 6, 8 8. Explain the major advantages and disadvantages of LIFO. 16 9. Describe and apply the lower-of- cost-or-market rule. 9, 10, 11 22, 23, 24 9, 10, 11 10. Explain how to report and analyze inventory. 14, 25 5, 11 *11. Determine ending inventory by applying the gross profit method. 12 26 12 * This material is discussed in the appendix. ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) E9-1 Inventoriable costs. Moderate 15–20 E9-2 Inventoriable costs. Moderate 10–15 E9-3 Inventoriable costs. Simple 10–15 E9-4 Inventoriable costs. Moderate 15–25 E9-5 Inventoriable costs. Simple 10–15 E9-6 Determining merchandise amounts. Simple 10–20 E9-7 Financial statement presentation of manufacturing amounts. Moderate 20–25 E9-8 Periodic versus perpetual entries. Moderate 15–25 E9-9 FIFO and LIFO—periodic and perpetual. Moderate 15–20 E9-10 FIFO, LIFO and average cost determination. Moderate 20–25 E9-11 FIFO, LIFO, average cost inventory. Moderate 15–20 E9-12 Compute FIFO, LIFO, average cost—periodic. Moderate 15–20 E9-13 FIFO and LIFO; periodic and perpetual. Simple 10–15 E9-14 FIFO and LIFO; income statement presentation. Simple 15–20 E9-15 FIFO and LIFO effects. Moderate 15–20 E9-16 FIFO and LIFO—periodic. Simple 10–15 E9-17 LIFO effect. Moderate 10–15 E9-18 Alternate inventory methods—comprehensive. Moderate 25–30 E9-19 Dollar-value LIFO. Simple 5–10 E9-20 Dollar-value LIFO. Simple 15–20 E9-21 Dollar-value LIFO. Moderate 20–25...
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This note was uploaded on 11/28/2011 for the course ACCT 310 taught by Professor Wilson during the Fall '11 term at Metro State.

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CHAPTER 9 - CHAPTER 9 Accounting for Inventories ASSIGNMENT...

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