Chapter 8 Accounting Principles

CHAPTER 8

Accounting for Inventories

ASSIGNMENT CLASSIFICATION TABLE

Topics 1. Inventory accounts; determining quantities, costs, and items to be included in inventory; the inventory equation; balance sheet disclosure. Perpetual vs. periodic. Manufacturing costs. Flow assumptions. 7, 8, 9, 11, 13 4, 5, 6 Questions 1, 2, 3, 4, 5, 6 Brief Exercises 1, 3 Exercises 1, 2, 3, 4, 5 Problems 1 Cases 1, 2, 3, 4

2. 3. 4.

2

7, 8, 9, 12 6 8, 9, 10, 11, 12, 13, 14, 15, 16, 17

2, 3, 4

2, 3, 4, 5

5, 6, 7, 8, 9 5, 6, 9 7, 8 10, 11

5. 6. 7. 8. *9.

Inventory accounting changes. Dollar-value LIFO methods. Lower of cost or market. Presentation and analysis. Gross profit method. 10, 12 14, 15, 16, 17 18, 19 20, 21 7, 8 9, 10 11 12 17, 18, 19, 20 21, 22, 23 24 25

5, 7 6, 8 9, 10, 11 11 12

12

*This material is presented in the appendix.

8-1

ASSIGNMENT CHARACTERISTICS TABLE

Item E8-1 E8-2 E8-3 E8-4 E8-5 E8-6 E8-7 E8-8 E8-9 E8-10 E8-11 E8-12 E8-13 E8-14 E8-15 E8-16 E8-17 E8-18 E8-19 E8-20 E8-21 E8-22 E8-23 E8-24 *E8-25 P8-1 P8-2 P8-3 P8-4 P8-5 P8-6 P8-7 P8-8 P8-9 P8-10 P8-11 *P8-12 Description Inventoriable costs. Inventoriable costs. Inventoriable costs Inventoriable costs. Determining merchandise amounts. Financial statement presentation of manufacturing amounts Periodic versus perpetual entries. FIFO and LIFO—periodic and perpetual. FIFO, LIFO and average cost determination. FIFO, LIFO, average cost inventory. Compute FIFO, LIFO, average cost—periodic. FIFO and LIFO; periodic and perpetual. FIFO and LIFO; income statement presentation. FIFO and LIFO effects. FIFO and LIFO—periodic. LIFO effect. Alternate inventory methods—comprehensive. Dollar-value LIFO. Dollar-value LIFO. Dollar-value LIFO. Lower of cost or market. Lower of cost or market. Lower of cost or market. Analysis of inventories. Gross profit method. Various inventory issues. Compute FIFO, LIFO, and average cost—periodic and perpetual. Compute FIFO, LIFO, and average cost—periodic...