kieso15etestbankch08.docx
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kieso15etestbankch08
CHAPTER8
VALUATIONOFINVENTORIES:
ACOST-BASISAPPROACH
IFRSquestionsareavailableattheendofthischapter.
TRUE-FALSe—Conceptual
AnswerNo.Description
T1.Work-in-processinventory.
F2.Merchandisingandmanufacturinginventoryaccounts.
T3.Modifiedperpetualinventorysystem.
F4.Determiningwhentitlepasses.
T5.Inventoryerrors.
T6.Overstatementofpurchasesandendinginventory.
F7.Periodvs.productcosts.
T8.ReportingPurchaseDiscountsLost.
F9.Costflowassumption.
T10.FIFOperiodicvs.perpetualsystem.
T11.LIFOReserve.
F12.UsingLIFOforreportingpurposes.
F13.LIFOliquidation.
T14.LIFOliquidations.
T15.Dollar-valueLIFO.
F16.Dollar-valueLIFOmethod.
F17.LIFO-FIFOcomparison.
T18.LIFOconformityrule.
F19.Selectionofinventorymethod.
T20.AppropriatenessofLIFO.
MultipleChoice—Conceptual
AnswerNo.Description
c21.Identifymanufacturerinventorysimilartomerchandiseinventory.
d22.Saleswithbuybackagreement.
a23.Saleswithhighratesofreturn.
a24.Reasoninventoriesareincludedinnetincomecomputation.
c25.Characteristicofperpetualinventorysystem.
a26.Reportingconsignmentinventoryinbalancesheet.
d27.Reportinggoodsintransitpurchasedf.o.b.destination.
b28.Effectofinventoryerroronnetincome.
b29.Effectofgoodsintransitonthecurrentratio.
c30.Descriptionofconsignedinventory.
d31.Entriesunderperpetualinventorysystem.
b32.Classificationofgoodsintransit.
a33.Classificationofgoodsintransit.
MultipleChoice—Conceptual(cont.)
AnswerNo.Description
d34.Identifyinventoryownership.
d35.Identifyaproductfinancingarrangement.
a36.Identifyownershipunderproductfinancingarrangement.
b37.Classificationofgoodsonconsignment.
cS38.Valuationofinventories.
bP39.Classificationofbeginninginventory.
bP40.Effectofbeginninginventoryoverstated.
dS41.Effectofunderstatingpurchases.
b42.Effectofrecordingmerchandiseonconsignment.
a43.Effectofendinginventoryovervaluation.
a44.Effectofinventoryerrorsonincome.
d45.Effectofunderstatingpurchasesandendinginventory.
b46.Effectofbeginninginventoryoverstatement.
c47.Identificationofaproductcost.
d48.Identificationofaperiodcost.
d49.Methodusedtorecordcashdiscounts.
a50.Identificationofinventorycosts.
b51.Identificationofproductcosts.
d52.Determineproductcosts.
b53.Interestcapitalizationinmanufacturinginventory.
d54.Determinecostofpurchasedinventory,usingnetmethod.
a55.Determinecostofpurchasedinventory,usinggrossmethod.
a56.Recordinginventorypurchasesatgrossornetamounts.
c57.Recordinginventorypurchasesatgrossornetamounts.
a58.Natureoftradediscounts.
dS59.Identifyinginventoriablecosts.
bP60.Methodapproximatingcurrentcost.
a61.Averagecostinventoryvaluation.
b62.Weighted-averageinventorymethod.
a63.NatureofFIFOvaluationofinventory.
b64.Flowofcostsinamanufacturingsituation.
a65.FIFOanddecreasingprices.
b66.FIFOandincreasingprices.
a67.FIFOandincreasingprices.
b68.FIFOandLIFOinventoryassumptions.
c69.LIFOandincreasingprices.
d70.Knowledgeofinventoryvaluationmethods.
d71.Periodicandperpetualinventorymethods.
c72.Appropriatenessofspecificidentificationmethod.
b73.FIFOandrisingprices.
c74.LIFOandfallingprices.
a75.LIFOreservedefinition.
d76.LIFOreserveaccountclassification.
d77.Specific-goodspooledLIFOapproach.
c78.Double-extensionmethodunderdollar-valueLIFO.
d79.DescriptionofLIFOlayer.
aS80.Dollar-valueLIFOmethod.
MultipleChoice—Conceptual(cont.)
AnswerNo.Description
aS81.IdentifyingadvantagesofLIFO.
d82.LIFOfortaxpurposesandexternalreporting.
c83.LIFOadvantages.
PThesequestionsalsoappearintheProblem-SolvingSurvivalGuide.
SThesequestionsalsoappearintheStudyGuide.
MultipleChoice—Computational
AnswerNo.Description
c84.Classificationofinventory.
c85.Classificationofinventory.
d86.Perpetualinventorymethod.
d87.Perpetualinventorymethod.
d88.Calculateendinginventory.
c89.Calculateendinginventory.
b90.Calculatetotalassetsandnetincome.
c91.Calculatetotalassetsandnetincome.
d92.Effectofinventoryanddepreciationerrorsonincome.
a93.Effectofinventoryanddepreciationerrorsonretainedearnings.
a94.Effectofinventoryerrorsonworkingcapital.
d95.Calculatecostofgoodsavailableforsale.
d96.Accountingforapurchasereturn(netmethod).
d97.AdjustAccountsPayableusingthenetmethod.
b98.Calculateendinginventoryusingweighted-average.
d99.Calculateendinginventoryusingmovingaverage.
b100.CalculateendinginventoryusingLIFO.
d101.CalculatecostofgoodssoldusingFIFO.
a102.EffectofusingLIFOorFIFO.
a103.Perpetualinventory—LIFOvaluation.
c104.Perpetualinventory—LIFOvaluation.
d105.Perpetualinventory—FIFOvaluation.
b106.Perpetualinventory—averagecostvaluation.
c107.Costflowassumptions.
b108.Costflowassumptions.
c109.Calculateunitsinendinginventory.
b110.Calculatecostofgoodssold.
a111.Calculatecostofgoodssoldusingaveragecost.
d112.Calculateendinginventoryusingaveragecost.
c113.CalculateendinginventoryusingFIFO.
d114.CalculatecostofgoodssoldusingFIFO.
d115.CalculateendinginventoryusingLIFO.
c116.CalculatecostofgoodssoldusingLIFO.
c117.LIFOreserve.
c118.LIFOreserve.
b119.LIFOliquidation.
b120.LIFOliquidation.
c121.Dollar-valueLIFO.
MultipleChoice—Computational(cont.)
AnswerNo.Description
b122.Dollar-valueLIFO.
c123.Dollar-valueLIFO.
b124.Dollar-valueLIFO.
c125.Calculateendinginventoryusingdollar-valueLIFO.
c126.Calculateendinginventoryusingdollar-valueLIFO.
a127.Calculateendinginventoryusingdollar-valueLIFO.
b128.Calculatepriceindexusingdoubleextensionmethod.
b129.Calculateendinginventoryusingdollar-valueLIFO.
d130.Calculateendinginventoryusingdollar-valueLIFO.
a131.Calculateendinginventoryusingdollar-valueLIFO.
c132.Calculateendinginventoryusingdollar-valueLIFO.
d133.Calculateendinginventoryusingdollar-valueLIFO.
MultipleChoice—CPAAdapted
AnswerNo.Description
a134.Identificationofinventorycosts.
c135.Determinecostofpurchasedinventory.
d136.Determinecostofsales.
b137.CalculateAccountsPayableatyearend.
d138.CalculateAccountsPayableatyearend.
a139.CalculateAccountsPayableatyearend.
b140.Determinecostofpurchasedinventory.
c141.Determinecostofpurchasedinventory.
c142.Calculateunitcostusingmoving-averagemethod.
a143.Periodicandperpetualinventorymethods.
c144.FIFOandLIFOwithincreasingprices.
c145.CalculateendinginventoryusingLIFO.
a146.Dollar-valueLIFOandthedoubleextensionapproach.
b147.Calculateendinginventoryusingdollar-valueLIFO.
BRIEFExercises
ItemDescription
BE8-148Recordingpurchasesatnetamounts.
BE8-149Recordingpurchasesatnetamounts.
BE8-150ComparisonofFIFOandLIFO.
EXERCISES
E8-151FIFOandLIFOinventorymethods.
E8-152FIFOandLIFOperiodicinventorymethods.
E8-153PerpetualLIFO.
E8-154PerpetualLIFOandperiodicFIFO.
E8-155Analysisofgrossprofit.
E8-156Dollar-valueLIFO.
PROBLEMS
ItemDescription
P8-157Inventorycut-off.
P8-158Analysisoferrors.
P8-159Accountingforpurchasediscounts.
P8-160Inventorymethods.
P8-161Dollar-valueLIFO.
P8-162Dollar-valueLIFO.
CHAPTERLEARNINGOBJECTIVES
1.Identifymajorclassificationsofinventory.
2.Distinguishbetweenperpetualandperiodicinventorysystems.
3.Determinethegoodsincludedininventoryandtheeffectsofinventoryerrorsonthefinancialstatements.
4.Understandtheitemstoincludeasinventorycost.
5.Describeandcomparethecostflowassumptionsusedtoaccountforinventories.
6.ExplainthesignificanceanduseofaLIFOreserve.
7.UnderstandtheeffectofLIFOliquidations.
8.Explainthedollar-valueLIFOmethod.
9.IdentifythemajoradvantagesanddisadvantagesofLIFO.
10.Understandwhycompaniesselectgiveninventorymethods.
SUMMARYOFLEARNINGOBJECTIVESBYQUESTIONS
Item
Type
Item
Type
Item
Type
Item
Type
Item
Type
Item
Type
Item
Type
LearningObjective1
1.
TF
2.
TF
21.
MC
84.
MC
85.
MC
LearningObjective2
3.
TF
28.
MC
33.
MC
S38.
MC
135.
MC
157.
P
24.
MC
29.
MC
34.
MC
P39.
MC
136.
MC
25.
MC
30.
MC
35.
MC
86.
MC
137.
MC
26.
MC
31.
MC
36.
MC
87.
MC
138.
MC
27.
MC
32.
MC
37.
MC
134.
MC
139.
MC
LearningObjective3
4.
TF
22.
MC
S41.
MC
44.
MC
88.
MC
91.
MC
94.
MC
5.
TF
23.
MC
42.
MC
45.
MC
89.
MC
92.
MC
158.
P
6.
TF
P40.
MC
43.
MC
46.
MC
90.
MC
93.
MC
LearningObjective4
7.
TF
49.
MC
53.
MC
57.
MC
96.
MC
148.
BE
8.
TF
50.
MC
54.
MC
58.
MC
97.
MC
149.
BE
47.
MC
51.
MC
55.
MC
S59.
MC
140.
MC
159.
P
48.
MC
52.
MC
56.
MC
95.
MC
141.
MC
LearningObjective5
9.
TF
65.
MC
72.
MC
102.
MC
109.
MC
116.
MC
152.
E
10.
TF
66.
MC
73.
MC
103.
MC
110.
MC
142.
MC
153.
E
P60.
MC
67.
MC
74.
MC
104.
MC
111.
MC
143.
MC
154.
E
61.
MC
68.
MC
98.
MC
105.
MC
112.
MC
144.
MC
160.
P
62.
MC
69.
MC
99.
MC
106.
MC
113.
MC
145.
MC
63.
MC
70.
MC
100.
MC
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