Computer Applications I

Accounting II

Date:	May 19, 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:

retail method of estimating inventory

merchandise inventory turnover ratio

average number of days' sales in merchandise inventory

Instruction: - Discussed in Class

Today we will be covering pages 182-186, in addition to do in the work together problems on pages 182. Be prepared to take notes.

Assignments - Assignment List

Page 182 Audit questions 1-4, 1-2.