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ACC 414 Chapter 8 FULL SOLUTIONS

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Department
Accounting
Course
ACC 414
Professor
Julie Mc Donald
Semester
Fall

Description
Kieso Weygandt Warfield Young Wiecek Intermediate Accounting Ninth Canadian EditionCHAPTER 8INVENTORYASSIGNMENT CLASSIFICATION TABLETopicsBrief ExerciseProblemWriting ExerciseAssignmentDefinitions and 1 23 5inventory categoriesDecisions required 91for inventoryPhysical goods 3 54 5 6 71 3 71includedComponents of 3 4 6 83 4 7 12 131 2 3 5 71inventory costPerpetual vs 31 2 3 14 159 14Periodic systemsGAAP cost formula 6 9 1014 15 16 17 16812142options18 19LCNRV11 1211 13 17 16 4 9 1118Purchase 1320113commitmentsInventory at other 14 1545than LCNRVInventory errors76 8 9 10 114 7Gross profit 1621 2210methodSolutions Manual 81Chapter 8Copyright2010 John WileySons Canada LtdUnauthorized copying distribution or transmission of this page is strictly prohibitedKieso Weygandt Warfield Young Wiecek Intermediate Accounting Ninth Canadian EditionDisclosures11Analysis1711 23 243 7 8PE GAAP vs IFRS1 4 11 134 7 11 20 262 113 5 7Retail method1825136Primary GAAP 27sources Solutions Manual 82Chapter 8Copyright2010 John WileySons Canada LtdUnauthorized copying distribution or transmission of this page is strictly prohibitedKieso Weygandt Warfield Young Wiecek Intermediate Accounting Ninth Canadian EditionASSIGNMENT CHARACTERISTICS TABLETimeLevel ofminutes ItemDescriptionDifficultyE81Periodic versus perpetual entriesModerate1525E82Determining merchandise amountsSimple1020E83Purchases recorded net periodic systemModerate 1520E83Inventoriable costsSimple1015E84Inventoriable costsSimple1015E85Inventoriable costsperpetualModerate1520E86Inventoriable costserror adjustmentModerate1520Inventoriable costsE87Moderate1520E88Inventory errorsSimple1015E89Inventory errorsModerate1520E810Inventory errorsComplex3035Lower of cost and NRVerror effect and E811Simple1520analysisE812Relative sales value methodSimple1520Cost allocation and LCNRVE813Moderate2025E814Calculate FIFO moving average costModerate1520perpetual and periodicE815SI FIFO and weighted averageModerate1520E816Calculate FIFO weighted average cost Moderate2025periodic E817Calculate FIFO moving average cost Complex4055perpetualE818Lower of cost and NRVjournal entriesSimple1015E819Lower of cost and NRVvaluation accountModerate2025E820Purchase commitmentsSimple1520Gross profit methodE821Simple1015E822Gross profit methodModerate1520E823Inventory trend analysis and ratiosModerate2025E824Trend analysis and ratiosComplex2025E825Retail inventory methodSimple2025E826Biological inventory assetsSimple2025E827Primary sources of GAAPSimple1015Solutions Manual 83Chapter 8Copyright2010 John WileySons Canada LtdUnauthorized copying distribution or transmission of this page is strictly prohibited
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