Computer Applications I

Accounting II

Date:	May 16, 2008
Topic:	Inventory Planning and Valuation
Objective:	Define accounting terms related to planning and cost inventory, Identify accounting concepts and practices related to planning and cost inventory, Describe the nature of merchandise inventory, Determine the cost of merchandise inventory using selected cost methods, Estimate the cost of merchandise inventory using selected estimating methods, Calculate merchandise inventory turnover ratio and average number of days' sales in merchandise.

Entry Task

Define the following accounting terms:

consignment

consignee

consigner

stock record

stock ledger

purchase order

inventory record

first-in, first-out inventory costing method

last-in, first-out inventory costing method

weighted-average inventory costing method

lower of cost or market inventory costing method

Instruction: - Discussed in Class

Today we will be covering pages 170-181, in addition to do in the work together problems on pages 175 and 181. Be prepared to take notes.

Assignments - Assignment List

Page 175 Audit questions 1-3, 1-2.

Page 181 Audit questions 1-4, 1.