X120B CS Accounts

X120B INTERMEDIATE ACCOUNTING
FALL 2015
1. COURSE SYLLABUS
IMPORTANT NOTE:
Please review syllabus and read
Chapter 9 in the textbook in
advance of attending Week 1
class.
2. TARGET CORP. ANNUAL REPORT Year-Ended 1/31/2015

3. TEXTBOOK PUBLISHER LECTURE SLIDES
(CHAPTERS 9 16) NOTES VIEW
See Bookmarks in PDF FILE
[Click Control B] to see Bookmarks
COURSE SYLLABUS
Course Title: X120B Intermediate Accounting Theory and Practice

Quarter:
Fall 2015
Location:
2317 School of Public Affairs
Dates:
September 21 December 7, 2015, 6:30 - 9:30 p.m. (12 x Mondays),
Instructor:
Gary Krausz, CPA/CFF, Partner, Gursey | Schneider LLP
Office Hours: By Appointment

Contact Information:
glkrausz@hotmail.com
Office: (310) 691-1794
Cell: (818) 399-9647
Course Description:
This is the second part in the three-course Intermediate Accounting sequence. X 120B begins with the
second part of inventory accounting, and then covers accounting for long-term assets and intangibles,
current and long-term liabilities, and stockholders' equity.
Prerequisite: X 120A Intermediate Accounting Theory and Practice or consent of instructor.
Goals & Objectives:
1.
2.
3.
4.
5.
6.
Have a strong understanding of the application of U.S. GAAP to the areas described above
Analyze, journalize and accounting for transactions related to the above topics
Properly present these items on financial statements
Successfully prepare for CPA exam questions on the covered topic areas
Place and apply accounting theory learned in context of current business environment
Familiarize students to International Financial Reporting Standards (IFRS) and compare /
contrast to U.S. GAAP.
Required Readings:
Course Text: Kieso, Weygandt, Warfield: Intermediate Accounting, 15th Edition
Recommended Readings:
Wall Street Journal, Bloomberg Business Week, Fortune, Forbes, Inc., etc.
At least one general business periodical
We will be discussing current events and periodical materials as they relate to class topics.
Grading:
Course grades will be based on participation and completion of assignments as follows:
%
90%
10%
Item
3 x Quizzes at 30% each
Homework completion, Target assignment and In-Class participation
** Ok to Work in Groups **
Grading will be on traditional 100% of total points available scale

A (90-100), B (80-90), C (70-80), D (60-70)
Students are expected to be prepared for class by reading chapter and all other assigned
reading materials in advance, and complete all homework assignments within week it is
assigned. The key to performing well in this class is reading in advance of class, and staying
current with the homework and class problems. Please bring a calculator to class.
Calculators will be permitted on all exams.
Please note that all grades except Incomplete ("I") are final when filed by the instructor in the Final
Grade Report.
The UCLA Extension Grading Scale
A Superior, B Good, C Fair, D Poor, F Failure,
I Incomplete (work of passing quality but incomplete; may be revised)
DR Deferred Report
P Passed (a grade of C or better) and NP Not Passed (less than C)
More on Grades
Certificate Students: All courses to be applied toward a certificate program must be taken for a letter
grade and a grade of C or better is required. If you receive a grade of C- or lower, you must either
repeat the course or confer with your Certificate Advisor to find a suitable substitute.
Courses in which a grade of D, F, or NP was received may be repeated. In all courses in which
grades are awarded, instructors may grant students up to one quarter to make up an I. After one
quarter or sooner if required by instructor an I will automatically lapse to an F.
Grades A, B, C, and D may be modified by the suffixes + or -. The temporary grade of DR will be
posted if allegations of academic dishonesty are pending.
See more about UCLA Extension grading policy click here
Student Behavior
Student Behavior involving cheating, copying others work, and plagiarism are not tolerated and will
result in disciplinary action. Students are responsible for being familiar with the information on Student
Conduct in the General Information Section of the UCLA Extension Catalog or on the website at
www.uclaextension.edu or click here.
COURSE OUTLINE
Date/Topic
Week 1
September 21
Weekly Course Contents

Ch. 9 Inventories, Additional Valuation Issues (Part 2)
Week 2
September 28
Ch. 10 Acquisition Property, Plant and Equipment
Week 3
October 5
Ch. 11 Depreciation, Impairment and Depletion
Week 4
October 12
Ch. 12 Intangible Assets

Review for Quiz
Week 5
October 19
Ch. 13 Current Liabilities and Contingencies

** Quiz #1 Covers Ch. 9, 10 and 11 **
Week 6
October 26
Review Quiz Results

Ch. 13 Current Liabilities and Contingencies
Week 7
November 2
Ch. 14 Long-Term Liabilities
Week 8
November 9
Ch. 14 Long-Term Liabilities (continued)

Review for Quiz
Week 9
November 16
Make-Up
Ch. 15 Stockholders Equity
Week 10
November 23
Ch. 15 Stockholders Equity
Week 11
November 30
Ch. 16 Dilutive Securities and Earnings Per Share

Review for Final
Week 12
December 7
Ch. 16 Dilutive Securities and Earnings Per Share

Chapter 15 and 16 Supplemental Problems
** Quiz #2 Covers Ch. 12, 13, and 14 **
** Final Exam Covers Ch. 15 & 16 **

One or Two More Guest Speakers TBA
HOMEWORK ASSIGNED
Read Chapters
**
Yes
and
Read AUS
Topic 330
In-Class
Problems
Brief Exercises
1, 3, 4, 5, 6, 7, 8,
9
10
Yes
Brief Exercises
2 6,
8 12
11
Yes
Brief Exercises
1 4, 7
12
Yes
Brief Exercises
18
13
Yes
and
Read Coffee
Bean v.
Starbucks
article
Yes
Brief Exercises
1 8, 10, and 13
Yes
and
Read AIG
Reading
Assignment
Brief Exercises
2, 4, 5, 9, 10, 12,
13 and 14
Chapter
9
14
15
16
Yes
(including
Appendix 16B)
Brief Exercises
2 8,
10 14
Supplemental InClass Exercises:

7, 8 and 18
Brief Exercises
1, 4 7, 9, 11
14
Homework Problems Assigned

(Ok to work in groups)
Questions: 1, 5, 7, 10, 11, 18
Exercises: 7, 9
Problems: 6
Supplemental Assignment on ASU Topic 330
Target Corp.: Chapter 9 Questions
Questions: 1, 4, 7, 10, 11, 12, 15
Exercises: 2, 3, 7
Problems: 6
Questions: 2, 3, 7, 10, 11, 17, 19
Exercises: 1, 2, 3, 4,
Questions: 1, 3, 4, 6, 7, 8, 9, 12, 17
Exercises: 3, 4, 6, 12
Problems: -Target Corp.: Chapter 12 Questions
Questions: 1, 3, 5, 8, 9, 10, 12, 14, 18, 20, 21
Exercises: 2, 5, 9
Questions: 1 11, 14, 19

Exercises: 3, 4, 5
Problems: 1, 2
Questions: 1 15 (Odd #s), 22, 23 and 24,
Exercises: 1, 2, 14, 15
Problems: 1
Questions: 2, 5, 8, 10, 12, 13, 14, 17, and 21

Exercises: 1, 7, 16
Problems: -Target Corp.: Chapter 16 Questions
Supplemental InClass Exercises:

3, 11, 15, 23, 25
and 26
Solutions to all problems completed in class and assigned for homework will be provided to you
after the materials are covered in class.
* * Please read IFRS Insights in the Chapters.
Lecture PowerPoint Slides are on-line at the Intermediate Accounting 15th Edition
(Student Companion Site) and are attached to the Syllabus.
http://bcs.wiley.com/he-bcs/Books?action=index&itemId=1118147294&bcsId=8063
Other reading assignments and homework may be assigned during class and therefore may be
covered on exams so please keep up to date with all class assignments, including those listed
above.
Note:
Assume all homework will be collected. It is ok (and preferable) to work together in study groups. All
problems above that are worked out in class (in advance or in the lecture slides) do not need to be reperformed for homework.
It is very helpful to keep all homework solutions together for exam study purposes. I will distribute answers
to all homework problems listed above to you the week after they are due.
Helpful Hints to Your Career Management
Join the California Society of CPAs now student membership is FREE.
http://www.calcpa.org/Content/membershipdues.aspx
Join the AICPA now student membership is FREE.
http://www.thiswaytocpa.com/aicpa-student-membership/
AICPA publishes what is known as the Content and Skill Specifications of the Uniform CPA Exam Outline (CSO). This is the grid that discusses what is, and what is not covered on CPA exam; it
changes infrequently but always good to see what is covered on each part of the exam so you
know as you go through your courses. A copy is attached to the Syllabus or see below:
http://www.aicpa.org/becomeacpa/cpaexam/examinationcontent/contentandskills/downloadabledoc
uments/csos-ssos-effective-jan-2015.pdf
If you have questions about obtaining a California CPA license, please read the CPA Licensing
Applicant Handbook or just call the CA Board of Accountancy. Remember, each state has its own
rules for CPA licensing. A copy is attached to the syllabus.
http://www.dca.ca.gov/cba/publications/applbook.pdf
Buy a CPA Exam review book now; buy Used (very inexpensive); look to Amazon.com for low
price used books. Learn the types of questions covered on CPA exam now, while you are learning
the materials for the first time, not later on.
TARGET CORPORATION ASSIGNMENT QUESTIONS

The following questions are provided to accompany the Target Corporation, 2014 financial
statements attached to this Syllabus. These are the Target Corporation financial statements for the
year ended January 31, 2015. These will be reviewed in class during the week we go over the
related chapters homework assignments. Please review the Target Corporation financial
statements and be prepared to discuss in class. Ok to work in groups.
Chapter 9 Inventories
1. What is their composition of inventory? Costing methods employed? Any inventory financing
arrangements? What is basis for determining inventory cost?
2. Any inventory allowances or impairment issues?
3. Any purchase commitments or unusual purchase arrangements?
4. Compute inventory turnover ratio?
5. Compute days to sell inventory?
6. Any purchase commitments? If so, what is committed and what is policy? Any loss recorded on
purchase commitments?
7. Under IFRS, what would be different for company for reporting inventory?
Chapter 10 Property, Plant and Equipment
1. How much did the company spend for property and equipment?
2. Did the company sell any of its property and equipment? If so, for how much money did they
receive?
3. Does the company capitalize interest? If so, how much was interest paid, interest capitalized and
interest expense?
4. What is policy for capitalizing assets? Basis for valuation?
5. What is policy for repairs and maintenance?
6. Any self-constructed assets?
Chapter 11 Depreciation, Impairments and Depletion
1. What methods of depreciation are used? What is useful lives for each asset class?
2. What is total depreciation expense during the year?
3. Any impairments of fixed assets recorded?
4. What is balance of each class of depreciable asset? What is accumulated depreciation?
5. Compute asset turnover ratio. Compute profit margin on sales ratio. Compute return on assets.
Chapter 12 Intangible Assets

1. Does Company have intangible assets? If so, what is included by each category?
2. What is the amount of each type of intangible asset?
3. Was any business acquired that resulted in goodwill? If so, what was acquired, and how much
goodwill allocated to purchase?
4. How much amortization expense was recorded during period? How much for the succeeding five
years?
5. Any impairment issues for intangible assets or goodwill? If so, what was impaired and how much
loss was recorded?
6. Any research and development costs? If so, how much? Any preopening costs? Accounting
policy?
Chapter 13- Current Liabilities
1. What items are included in accounts payable, accrued expenses and other liabilities?
2. Does the company have contingent liabilities? What is their accounting policy for accruing and/or
disclosing contingent liabilities? Are there any contingent liabilities that meet the criteria for
accrual? If so, what are they? Any gain contingencies?
3. Is there debt that comes due within one year that is classified as current? Is there debt that comes
due within one year that has been classified as non-current? Which ones?
4. Any dividends payable? Any asset retirement obligations? Any warranty liabilities? Any selfinsurance liabilities? If so, please describe.
5. What is their accounting policy for sales tax?
6. Compute current ratio.
Chapter 14 Long-Term Liabilities
1. What are the various long-term debt that the Company has outstanding? Describe various issues
including nature of liabilities, maturity dates, interest rates, call provisions, conversion privileges,
and assets designated or pledged as security.
2. How much was borrowed in current year? How much was repaid?
3. What is future principal maturities over the next five years?
4. Compute Debt to Total Assets and compute Times Interest Earned.
Chapter 15 Stockholders Equity

1. Where is the company incorporated?
2. How many shares of common stock authorized, issued and outstanding? Any treasury stock? If
so, how much? Par value?
3. How many shares of preferred stock authorized, issued and outstanding?
4. How many shares of stock were sold? Treasury shares repurchased? How much were the
proceeds?
5. How much dividends were paid? On a per-share basis?
6. What is the average price per repurchased share in 2013?
7. Compute rate of return on equity, dividend payout ratio and book value per share.
Chapter 16 Dilutive Securities and Earnings per Share
1. Simple or complex capital structure? Why?
2. What are the various types of common stock equivalents are outstanding? How much of each?
3. What types of stock compensation plans does the company have?
4. How does the company determine the fair value of stock options? How is the expense recognized
and allocated?
5. Where in the income statement is stock compensation expense reported?
6. How many shares of stock were issued in exercise of stock options and awards? How much
proceeds were received?
7. What is weighted average number of `shares computed for the purposes of determining basic and
diluted earnings per share? What are the dilutive common stock equivalents? Are any securities
excluded because they are antidilutive?
8. How much is Basic and Diluted EPS?
TARGET CORP. ANNUAL REPORT - 2014
TEXTBOOK PUBLISHER LECTURE SLIDES

(CHAPTERS 9 16) NOTES VIEW
After studying this chapter, you should be able to:
LO 1 Describe and apply the lower-of-cost-or-market rule.
LO 1
LO 1
LO 1
LO 1
LO 1
LO 1
LO 1
LO 2 Explain when companies value inventories at net realizable value.
LO 3 Explain when companies use the relative

sales value method to value inventories.
LO 3 Explain when companies use the relative

sales value method to value inventories.
LO 4 Discuss accounting issues related to purchase commitments.
LO 5 Determine ending inventory by applying the gross profit method.
LO 5
LO 5
THE SQUEEZE
WHATS
YOUR PRINCIPLE
LO 5
LO 6 Determine ending inventory by applying the retail inventory method.
LO 6
LO 7 Explain how to report and analyze inventory.
LO 7
LO 9 Compare the accounting procedures related to

valuation of inventories under GAAP and IFRS.
LO 9
LO 9




LO 1 Describe property, plant, and equipment.
LO 2 Identify the costs to include in initial valuation of

property, plant, and equipment.
LO 2



LO 2
LO 2
LO 3 Describe the accounting problems associated with self-constructed assets.
LO 4 Describe the accounting problems associated with interest capitalization.
LO 4
LO 4
LO 4
LO 4
WHAT S IN
YOUR PRINCIPLE
INTEREST?
WHATS
YOUR
LO 5 Understand accounting issues related to acquiring and valuing plant assets.
LO 5
LO 5
LO 5
LO 5
ABOUT THOSE
SWAPS
WHATS
YOUR
PRINCIPLE
LO 6 Describe the accounting treatment for costs subsequent to acquisition.
LO 6 Describe the accounting treatment for costs subsequent to acquisition.
LO 7 Describe the accounting treatment for the

disposal of property, plant, and equipment.




LO 1 Explain the concept of depreciation.
LO 2 Identify the factors involved in the depreciation process.
ALPHABET
DUPE PRINCIPLE
WHATS
YOUR
LO 3 Compare activity, straight-line, and decreasingcharge methods of depreciation.
LO 3
LO 3
Sum-of-the-Years-Digits.
LO 3
Declining-Balance Method.
LO 3
LO 3
LO 3
LO 4 Explain special depreciation methods.
DECELERATNG
WHATS
YOURDEPRECIATION
PRINCIPLE
DEPRECIATION
CHOICES
WHATS
YOUR
PRINCIPLE
LO 5
LO 5 Explain the accounting issues related to asset impairment.
LO 5
LO 5
LO 5
LO 5
LO 5
LO 7
LO 7
LO 7
LO 7
LO 7 Explain how to report and analyze property,

plant, equipment, and natural resources.
LO 7 Explain how to report and analyze property,

plant, equipment, and natural resources.
LO 8 Describe income tax methods of depreciation.
LO 8
LO 9 Compare the accounting for property, plant,

and equipment under GAAP and IFRS.






LO 1 Describe the characteristics of intangible assets.
LO 2 Identify the costs to include in the initial valuation of intangible assets.
LO 2 Identify the costs to include in the initial valuation of intangible assets.
LO 3 Explain the procedure for amortizing intangible assets.
Source:
The AAO
Weblog www.accountingobserver.
com/blog/
LO 4 Describe the types of intangible assets.
LO 4
LO 4
PATENT BATTLES
SECRET FORMULA
cost of the purchase over the FMV of the identifiable net assets
(assets less liabilities) purchased
LO 5 Explain the accounting issues for recording goodwill.
LO 6 Explain the accounting issues related to intangible-asset impairments.
LO 6
IMPAIRMENT RISK
LO 7 Identify the conceptual issues related to research and development costs.
LO 8 Describe the accounting for research and development and similar costs.
LO 8
BRANDED
LO 9 Indicate the presentation of intangible assets and related items.
LO 10 Compare the accounting for intangible assets under GAAP and IFRS.
LO 1
LO 1 Describe the nature, type, and valuation of current liabilities.
LO 2
LO 2
LO 2
LO 2
WHAT ABOUT
THAT SHORT-TERM
DEBT?
WHATS
YOUR
PRINCIPLE
Source:
Wall Street
Journal
LO 2
LO 2
LO 2 Explain the classification issues of short-term

debt expected to be refinanced.

MICROSOFTS
LIABILITIES-GOOD
OR BAD?
WHATS YOUR
PRINCIPLE
LO 2
LO 2

LO 2
LO 2

LO 3 Identify types of employee-related liabilities.
Social Security Taxes (since January 1, 1937).
Social Security Taxes (since January 1, 1937).
LO 3
LO 3
Unemployment Taxes.
Unemployment Taxes.
LO 3
LO 3
LO 3
Income Tax Withholding.
LO 3
LO 3
* FASB ASC 450-10-05-4. [Predecessor literature: Accounting for

Contingencies, Statement of Financial Accounting Standards No. 5
(Stamford, Conn.: FASB, 1975), par. 1.]
LO 4
LO 4
LO 5
LO 5
LO 5
LO 5
not
LO 5
Cash-Basis Method.
LO 5 Explain the accounting for different types of loss contingencies.
Accrual-Basis Method.
LO 5
LO 5
LO 5
FREQUENT
FLYERS
WHATS
YOUR
PRINCIPLE
Obligating Events
LO 5
LO 5
LO 6 Indicate how to present and analyze liabilities and contingencies.
LO 6
LO 6
LO 6
LO 6
LO 7 Compare the accounting procedures for current

liabilities and contingencies under GAAP and IFRS.







LO 1 Describe the formal procedures associated with issuing long-term debt.
LO 1
LO 2 Identify various types of bond issues.
LO 2 Identify various types of bond issues.
LO 3 Describe the accounting valuation for bonds at date of issuance.
HOWS MY
RATING?
WHATS
YOUR
PRINCIPLE
LO 3
LO 4 Apply the methods of bond discount and premium amortization.
LO 4
LO 4
LO 4
LO 4
LO 4
LO 4
LO 4
LO 4
LO 4
LO 4
LO 4
LO 4
LO 4
LO 5
HOWS MY
RATING?
WHATS
YOUR
PRINCIPLE
LO 5 Describe the accounting for the extinguishment of debt.
LO 5 Describe the accounting for the extinguishment of debt.
LO 6 Explain the accounting for long-term notes payable.
LO 6
LO 6
LO 6
LO 6
LO 6
LO 7 Describe the accounting for the fair value option.
LO 7
LO 8 Explain the reporting of off-balance-sheet financing arrangements.
LO 8 Explain the reporting of off-balance-sheet financing arrangements.
HOWS MY
RATING?
WHATS
YOUR
PRINCIPLE
LO 8
LO 9 Indicate how to present and analyze long-term debt.
LO 11 Compare the accounting for long-term

liabilities under GAAP and IFRS.




LO 11
LO 11
LO 1
LO 1
129 NORTH
ORANGE
STREET
WHATS
YOUR
PRINCIPLE
LO 1
LO 1
LO 1
LO 2
also called
LO 3
LO 3
LO 3
LO 3
LO 3
LO 3
LO 3
LO 3
LO 3
LO 3
LO 3
LO 3
LO 3
LO 3
LO 3
LO 3
DISAPPEARING
WHATS YOUR RECEIVABLE
PRINCIPLE
LO 3
LO 4
LO 4
LO 4
LO 4
LO 4
LO 4
LO 4
LO 4
LO 4
LO 4
LO 5
LO 5
LO 5
LO 6
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 8
LO 8
SPLITSVILLE
WHATS
YOUR PRINCIPLE
LO 8
LO 8
LO 8
LO 8
DIVIDENDS UP, DIVIDENDS DOWN
LO 8
LO 8
LO 9
LO 9
LO 9
LO 9
LO 9
LO 9
LO 11 Compare the procedures for accounting for

stockholders equity under GAAP and IFRS.
LO 11
LO 11
LO 11
LO 11
LO 11
LO 11
LO 1
LO 1
LO 1
LO 1
LO 1
LO 1
LO 1
LO 1
LO 1
LO 1
LO 2
HOW
LOWYOUR
CAN YOU
GO?
WHATS
PRINCIPLE
LO 2
LO 2
LO 3
Proportional Method
LO 3
LO 3
LO 3
LO 3
LO 3
LO 3
Incremental Method
Conceptual Questions
two
LO 3
LO 3
LO 3
LO 3
LO 3
LO 3
The Major Reporting Issue
LO 3
LO 4
LO 4
Basic Entries
*
LO 4
LO 4
Exercise
Expiration.
*
LO 4
LO 4
LO 4
LO 4
LO 4
LO 4
Adjustment.
LO 4
LO 4
LO 4
LO 4
LO 5
LO 5
LO 6
LO 6
LO 6
LO 6
LO 6
LO 6
LO 6
LO 6
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
Other Factors
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 7
LO 9 Compute earnings per share in a complex situation.
LO 9
LO 9
LO 9
LO 9
LO 9
LO 9
LO 9
LO 9
LO 9
LO 9
LO 9
LO 9
LO 9
LO 9
LO 10 Compare the accounting for dilutive securities and

earnings per share under GAAP and IFRS.
LO 10
LO 10
LO 10
LO 10
LO 10
LO 10

X120B CS Accounts

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X120B INTERMEDIATE ACCOUNTING

2. TARGET CORP. ANNUAL REPORT Year-Ended 1/31/2015

Course Title: X120B Intermediate Accounting Theory and Practice

2317 School of Public Affairs

September 21 December 7, 2015, 6:30 - 9:30 p.m. (12 x Mondays),

Gary Krausz, CPA/CFF, Partner, Gursey | Schneider LLP

Office Hours: By Appointment

Grading will be on traditional 100% of total points available scale

Weekly Course Contents

Ch. 10 Acquisition Property, Plant and Equipment

Ch. 11 Depreciation, Impairment and Depletion

Ch. 12 Intangible Assets

Ch. 13 Current Liabilities and Contingencies

Review Quiz Results

Ch. 14 Long-Term Liabilities

Ch. 14 Long-Term Liabilities (continued)

Ch. 15 Stockholders Equity

Ch. 15 Stockholders Equity

Ch. 16 Dilutive Securities and Earnings Per Share

Ch. 16 Dilutive Securities and Earnings Per Share

** Quiz #2 Covers Ch. 12, 13, and 14 **

** Final Exam Covers Ch. 15 & 16 **

Supplemental InClass Exercises:

Homework Problems Assigned

Questions: 1 11, 14, 19

Questions: 2, 5, 8, 10, 12, 13, 14, 17, and 21

Supplemental InClass Exercises:

TARGET CORPORATION ASSIGNMENT QUESTIONS

Chapter 12 Intangible Assets

Chapter 15 Stockholders Equity

TARGET CORP. ANNUAL REPORT - 2014

TEXTBOOK PUBLISHER LECTURE SLIDES

After studying this chapter, you should be able to:

LO 1 Describe and apply the lower-of-cost-or-market rule.

LO 1 Describe and apply the lower-of-cost-or-market rule.

LO 1 Describe and apply the lower-of-cost-or-market rule.

LO 1 Describe and apply the lower-of-cost-or-market rule.

LO 1 Describe and apply the lower-of-cost-or-market rule.

LO 1 Describe and apply the lower-of-cost-or-market rule.

LO 1 Describe and apply the lower-of-cost-or-market rule.

LO 1 Describe and apply the lower-of-cost-or-market rule.

LO 1 Describe and apply the lower-of-cost-or-market rule.

LO 1 Describe and apply the lower-of-cost-or-market rule.

LO 1 Describe and apply the lower-of-cost-or-market rule.

After studying this chapter, you should be able to:

LO 2 Explain when companies value inventories at net realizable value.

After studying this chapter, you should be able to:

LO 3 Explain when companies use the relative

After studying this chapter, you should be able to:

LO 3 Explain when companies use the relative

LO 4 Discuss accounting issues related to purchase commitments.

LO 4 Discuss accounting issues related to purchase commitments.

After studying this chapter, you should be able to:

LO 4 Discuss accounting issues related to purchase commitments.

LO 5 Determine ending inventory by applying the gross profit method.

LO 5 Determine ending inventory by applying the gross profit method.

LO 5 Determine ending inventory by applying the gross profit method.

LO 5 Determine ending inventory by applying the gross profit method.

LO 5 Determine ending inventory by applying the gross profit method.

LO 5 Determine ending inventory by applying the gross profit method.

After studying this chapter, you should be able to:

LO 6 Determine ending inventory by applying the retail inventory method.

LO 6 Determine ending inventory by applying the retail inventory method.

Quiz #2 Covers Ch. 12, 13, and 14

Final Exam Covers Ch. 15 & 16