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RSM220H1 (54)
Xin Baohua (17)
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Department
Rotman Commerce
Course
RSM220H1
Professor
Xin Baohua
Semester
Winter

Description
CHAPTER 9INVENTORIESADDITIONAL VALUATION ISSUES MULTIPLE CHOICEConceptualAnswer NoDescriptiond 1 Knowledge of lower of cost or market valuationsd 2 Appropriate use of LCM valuationc 3 Definition of market under LCMb 4 Definitionofceilinga 5 Definition of designated market valuec 6 Application of lower of cost or market valuationd 7 Effect of inventory writedownb 8 Net realizable value under LCMd 9 Definition of net realizable valuea 10 Valuation of inventory at net realizable valued 11 Appropriate use of net realizable valuea 12 Material purchase commitmentsa 13 Loss recognition on purchase commitmentsd 14 Appropriate use of the gross profit methodb 15 Appropriate use of the gross profit methodd 16 Advantage of retail inventory methodc 17 Conventional retail inventory methoda 18 Assumptions of the retail inventory methodd 19 Appropriate use of the retail inventory methodb 20 Markdowns and the conventional retail methoda 21 Markups and the conventional retail methodb 22 Knowledge of the cost ratio for retail inventory methodsc 23 Inventoryturnoverratioc 24 Dollarvalue LIFO retail methodMULTIPLE CHOICEComputationalAnswer NoDescriptiona 25 Value inventory at LCMc 26 Relative sales method of inventory valuationc 27 Entry for purchase commitment lossd 28 Calculate cost of goods sold given a markup on costd 29 Calculate merchandise purchases given a markup on costa 30 Calculate total sales from cost informationa 31 Markup on cost equivalent to a markup on selling priceb 32 Estimate ending inventory using gross profit methodc 33 Calculate ending inventory using gross profit methodThis topic is dealt with in an Appendix to the chapter MULTIPLE CHOICEComputationalcontAnswer NoDescriptionb 34 Calculate ending inventory using gross profit methoda 35 Estimate cost of inventory destroyed by firea 36 Determine items to be included in inventoryb 37 Calculate cost of retail ratio to approximate LCMb 38 Calculate ending inventory at retaila 39 Calculate cost to retail ratio approximating LCMb 40 Calculate cost of inventory lost using retail methodb 41 Calculate ending inventory at cost using LIFO retailc 42 Determine cost to retail ratio using LIFO retailb 43 Calculate inventory turnover ratiod 44 Determine cost to retail ratio to approximate LCMc 45 Determine cost to retail ratio using LIFO costd 46 Calculate ending inventory at retaila 47 Calculate ending inventory using conventional retaila 48 Calculate ending inventory cost using dollarvalue LIFOb 49 Calculate cost of ending inventory using LIFO retaila 50 Calculate ending inventory cost using dollarvalue LIFO MULTIPLE CHOICECPA AdaptedAnswer NoDescriptiond 51 Recognizing a loss due to LCMb 52 Appropriate use of replacement costs in LCMb 53 Identification of the designated market valuea 54 Estimate cost of inventory lost by thefta 55 Determine cost of ending inventory using retail methodd 56 Determine cost of ending inventory using retail methoda 57 Calculate ending inventory using LIFO retail EXERCISESItem DescriptionE958 Lower of cost or marketE959 Lower of cost or marketE960 Lower of cost or marketE961 Lower of cost or marketE962 Lower of cost or marketE963 Relative sales value methodE964 Gross profit methodE965 Gross profit methodE966 Gross profit methodE967 Comparison of inventory methods
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