ch09 additional valuation issues

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CHAPTER 9 INVENTORIES: ADDITIONAL VA LUATION ISSUES TRUE-FALSE—Conceptual Anse! No" Desc!#pt#on T 1. When to use lower-of-cost-or-market. F 2. Lower-of-cost-or-market and conservatism. F 3. Purpose of the “floor in L!". T #. Lower-of-cost-or-market and consistenc$. F %. &eportin' inventor$ at net reali(a)le value. T *. +aluin' inventor$ at net reali(a)le value. T ,. +aluation usin' relative sales value. F . efinition of a )asket purchase. F /. &ecordin' purchase commitments. T 10. Loss on purchase commitments. F 11. &ecordin' noncancela)le purchase contract. T 12. ross profit method. F 13. ross profit percenta'e. T 1#. isadvanta'e of 'ross profit method. F 1%. !onventional retail method. F 1*. efinition of markup. T 1,. ccountin' for a)normal shorta'es. F 1. !omputin' inventor$ turnover ratio. T 1/. vera'e da$s to sell inventor$ . T 20 LF4 retail method. $ULTIPLE CHOICE—Conceptual Anse! No" Desc!#pt#on d 21. 5nowled'e of l ower-of-cost-or-market v aluations. d 22. ppropriate use of L!" valuation. c 23. efinition of 6market6 under L!". ) 2#. efinition of 6ceilin'.6 a 2%. efinition of 6desi'nated market value.6 c 2*. pplication of l ower-of-cost-or-market valuation. d 2,. 7ffect of inventor$ write-down. d 8 2. &ecordin' invent or$ loss under d ir ect method. c 8 2/. &ecordi n' invent or$ at net reali(a)le value. ) 30. 9et reali(a)le value under L!". d 31. efinition of 6net reali(a)le value.6 a 32. +aluation of inventor$ at net reali(a)le value. d 33. ppropriate use of net reali(a)le value. a 3#. "aterial purchase commitments. a 3%. Loss reco'nition on purchase commitments. ) P 3*. &eportin' purchase commitments los s.

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CHAPTER 9 INVENTORIES: ADDITIONAL VALUATION ISSUES Sommers – ACCT 3311

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