ACCT 212 DeVry Week 4 Complete Work

ACCT 212 DEVRY WEEK 4 COMPLETE WORK LATEST

ACCT 212 DeVry Week 4 Complete Work Latest

ACCT 212 DeVry Week 4 Discussion 1

A review of the balance sheet of a retailer, such as Wal-Mart, will disclose that in current assets the majority investment is in inventory. With manufacturers, such as Ford, the inventory is spread between three different categories. Let’s start our discussion with some basic inventory questions. How is inventory valued? Which inventory valuation method is most popular and why? What impact on the financial reports can the selection of an inventory valuation method have?

ACCT 212 DeVry Week 4 Discussion 2

Go to Course Home and review the Course Project tab. Continue to use the Course Project template from Doc Sharing. In this graded discussion, we will be examining the operation of the Accounting Information System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to ensure an opportunity for your successful completion of the Course Project.

Let’s start with Exercise 3-22A and practice developing journal entries to make adjustments. Select one of the six transactions and develop the adjusting journal entry. If you are using an example found in the textbook do mention the page number.

ACCT 212 DeVry Week 4 Checkpoint

Question :

(TCO 4) The cost of the inventory that the business has sold to customers is called

inventory.

cost of goods sold.

purchases.

gross profit.

Question 2. Question :

(TCO 4) The cost of inventory that is still on hand and has not been sold to customers is called

cost of goods sold, an expense that appears on the balance sheet.

inventory, a current asset that appears on the income statement.

inventory, a current asset that appears on the balance sheet.

purchases, an expense that appears on the income statement.

Question 3. Question :

(TCO 4) The inventory system that uses computer software to keep a running record of inventory on hand is the

cost of goods sold inventory system.

periodic inventory system.

perpetual inventory system.

hybrid inventory system.

Question 4. Question :

(TCO 4) The cost of inventory is the

purchase price.

sum of all the costs incurred to bring the inventory to its intended use.

sum of all the ACCT 212 costs incurred to bring the inventory to its intended use, plus any discounts and allowances.

sum of all the costs incurred to bring the inventory to its intended use, less any discounts and allowances.

Question 5. Question :

(TCO 4) ABC Auto Sales sells new Lexus vehicles. ABC will most likely use the _____ method to cost its ending inventory.

first-in, ACCT212 first-out

last-in, first-out

specific-unit-cost

weighted-average

Question 6. Question :

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