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SOLUTION MANUAL FOR ACCOUNTING PRINCIPLES Latest Update Questions and Correct Answers Rated A+
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SOLUTION MANUAL FOR ACCOUNTING PRINCIPLES Latest Update Questions and Correct Answers Rated A+ SOLUTION MANUAL FOR ACCOUNTING PRINCIPLES Latest Update Questions and Correct Answers Rated A+ SOLUTION MANUAL FOR ACCOUNTING PRINCIPLES Latest Update Questions and Correct Answers Rated A+

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  • February 12, 2024
  • 155
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • CMA - Certified Management Accountant
  • CMA - Certified Management Accountant

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Solution Manual for Accounting Principles,
Volume1, 7th Canadian Edition by Jerry J.
Weygandt, Donald E. Kieso
CHAPTER

,ASSIGNMENT CLASSIFICATION TABLE



Problems
Brief Problems



Set B
Learning Objectives Questions Exercises Exercises Set A



1. Describe the steps in
determining inventory
quantities.
1, 2, 3 1, 2 1, 2 1, 7 1, 7




2. Calculate cost of goods
sold and ending inventory in
a perpetual inventory system
using specific identification,
FIFO, and weighted average
2, 3, 4, 5,
methods of cost 3, 4, 5, 6, 3, 4, 5, 6, 2, 3, 4, 5, 6, *12,
4, 5, 6
determination. 7, 8 7, *15, *166, *12, *13
*13




3. Determine the financial
statement effects of
inventory cost determination
methods.
7, 8, 9 9, 10 6, 7 4, 5 4, 5




4. Determine the financial
statement effects of 10, 11, 11, 12 8, 9 3, 7, 8 3, 7, 8
inventory errors

,5. Value inventory at the
lower of cost and net 12, 13, 14 13, 14 10, 11 6, 9 6, 9
realizable value.
6. Demonstrate the
presentation and analysis of
inventory. 15, 16, 17,
15, 16 11, 12 8, 10 8, 10
18



*7. Calculate ending
inventory and cost of goods
sold in a periodic inventory
system using FIFO and
weighted average inventory
cost formulas (Appendix *19, *20, *13, *14, *11, *12, *11, *12,
*17, *18
6A). *21 *15, *16 *13 *13




*8. Estimate ending
inventory using the gross
profit and retail inventory
methods (Appendix 6B).
*22, *23,
*19, *20 *17, *18 *14, *15 *14, *15
*24




ASSIGNMENT CHARACTERISTIC TABLE

, Problem Numbe Time
r


Difficulty Level
Allotted
Description
(min.)

Identify items in inventory.

1A Moderate 20-25



Apply specific identification.

2A Simple 15-20



Apply perpetual FIFO. Record sales and
inventory adjustment and calculate gross
profit, and answer questions.
3A Moderate 20-25




Apply perpetual weighted average and
answer questions.

4A Moderate 20-25



Apply perpetual FIFO and weighted
average. Answer questions about financial
statement effects.
5A Moderate 35-45




6A Record transactions using perpetual Moderate 35-45
weighted average. Apply LCNRV.

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