Chapter 22

Accounting for Inventory

Essential Questions

How is a stock record prepared? How is the cost of merchandise inventory determined using the first-in, first-out (FIFO) inventory costing method? How is the cost of merchandise inventory determined using the last-in, first-out (LIFO) inventory costing method?. How is the cost of merchandise inventory determined using the weighted average inventory costing method? How is the cost of merchandise inventory determined using the gross profit inventory costing method?

TERMS FOR CHAPTER 22

- periodic inventory - perpetual inventory - inventory record - stock record - stock ledger

- first-in, first-out inventory costing method - last-in, first-out inventory costing method - weighted-average inventory costing method - gross profit method of estimating inventory

ASSIGNMENTS

Determining the Quantity of Merchandise Inventory Read pp. 576-579 1) View PowerPoint presentation 22-1 2) Complete Application Problem 22-1 p. 589 3) Work on Study Guide 22 4) Define Chapter Terms May 11 Determining the Cost of Merchandise Inventory Read pp. 580-584 1) View PowerPoint presentation 22-2 2) Complete Application Problem 22-2 p. 589 3) Complete Recycling Problem 22-1 p. C-22 3) Continue to Work on Study Guide 22 May 12-14

Estimating Inventory Read pp. 585-588 1) View PowerPoint presentation intro and 22-3 2) Complete Application Problem 22-3 p. 589 3) Complete Study Guide 22 May 15-18 Complete Mastery Problem 22-4 p. 590 May 19 Additional Chapter exercises Chapter Twenty-two Internet Activity Accounting in Your Career p. 575 Cases for Critical Thinking p. 591 Case 1 & 2 Chapter 22 Test - Thursday May 21 Complete Challenge Problem 22-5 p. 590 May 22