INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
10th Edition
ISBN: 9781264770335
Author: SPICELAND
Publisher: MCG
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Textbook Question
Chapter 9, Problem 9.29E
Concepts; terminology
• LO9–1 through LO9–7
Listed below are several terms and phrases associated with inventory measurement. Pair each item from List A with the item from List B (by letter) that is most appropriately associated with it.
List A | List B |
__________ 1. Gross profit ratio | a. Reduction in selling price below the original selling price |
__________ 2. Cost-to-retail percentage | b. Beginning inventory is not included in the calculation of the cost-to-retail percentage |
__________ 3. Additional markup | c. Deducted in the retail column after the calculation of the cost-to-retail percentage |
__________ 4. Markdown | d. Requires base year retail to be converted to layer year retail and then to cost |
__________ 5. Net markup | e. Gross profit divided by net sales |
__________ 6. Retail method, FIFO and LIFO | f. Material inventory error discovered in a subsequent year |
__________ 7. Conventional retail method | g. Must be added to sales if sales are recorded net of discounts |
__________ 8. Change from LIFO | h. Deducted in the retail column to arrive at goods available for sale at retail |
__________ 9. Dollar-value LIFO retail | i. Divide cost of goods available for sale by goods available at retail |
__________ 10. Normal spoilage | j. Average cost, lower of cost or market |
__________ 11. Requires retrospective restatement | k. Added to the retail column to arrive at goods available for sale |
__________ 12. Employee discounts | l. Increase in selling price subsequent to initial markup |
__________ 13. Net markdowns | m. Selling price less estimated selling costs |
__________ 14. Net realizable value | n. Accounting change requiring retrospective treatment |
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Chapter 9 Solutions
INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
Ch. 9 - Explain the (a) lower of cost or net realizable...Ch. 9 - What are the various levels of aggregation to...Ch. 9 - Describe the alternative approaches for recording...Ch. 9 - Explain the gross profit method of estimating...Ch. 9 - The Rider Company uses the gross profit method to...Ch. 9 - Explain the retail inventory method of estimating...Ch. 9 - Both the gross profit method and the retail...Ch. 9 - Define each of the following retail terms: initial...Ch. 9 - Explain how to estimate the average cost of...Ch. 9 - Prob. 9.10Q
Ch. 9 - Explain the LIFO retail inventory method.Ch. 9 - Discuss the treatment of freight-in, net markups,...Ch. 9 - Explain the difference between the retail...Ch. 9 - Prob. 9.14QCh. 9 - Prob. 9.15QCh. 9 - Explain the accounting treatment of material...Ch. 9 - Identify any differences between U.S. GAAP and...Ch. 9 - (Based on Appendix 9) Define purchase commitments....Ch. 9 - (Based on Appendix 9) Explain how purchase...Ch. 9 - Lower of cost or net realizable value LO91 Ross...Ch. 9 - Lower of cost or net realizable value LO91 SLR...Ch. 9 - Lower of cost or market LO91 [This is a variation...Ch. 9 - Lower of cost or market LO91 [This is a variation...Ch. 9 - Prob. 9.5BECh. 9 - Gross profit method; solving for unknown LO92...Ch. 9 - Retail inventory method; average cost LO93 Kiddie...Ch. 9 - Retail inventory method; LIFO LO93 Refer to the...Ch. 9 - Conventional retail method LO94 Refer to the...Ch. 9 - Conventional retail method LO94 Roberson...Ch. 9 - Lower of cost or net realizable value LO91 Herman...Ch. 9 - Lower of cost or net realizable value LO91 The...Ch. 9 - Lower of cost or market LO91 [This is a variation...Ch. 9 - Lower of cost or market LO91 [This is a variation...Ch. 9 - Prob. 9.11ECh. 9 - Concepts; terminology LO91 through LO97 Listed...Ch. 9 - Prob. 9.1PCh. 9 - Prob. 9.3PCh. 9 - Prob. 9.8PCh. 9 - Prob. 9.1DMPCh. 9 - Prob. 9.3DMPCh. 9 - Prob. 9.4DMPCh. 9 - Prob. 9.5DMPCh. 9 - Prob. 9.6DMPCh. 9 - Prob. 9.7DMPCh. 9 - Real World Case 98 Various inventory issues;...Ch. 9 - Prob. 9.9DMPCh. 9 - Judgment Case 910 Inventory errors LO97 Some...Ch. 9 - Prob. 9.12DMPCh. 9 - Prob. 2CCTC
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