July+12

Today was a busy day.

Continued with Chapter 9 Merhandising Company - Inventory Costing and completing the Accounting Cycle 1) Inventory costing (valuation) methods - LIFO, FIFO, Average Cost, Specific Cost 2) Inventory Errors 3) Inventory Adjustments - Lower of Cost or Market and Shrinkage 4) Completing the Accounting Cycle - closing entries

PPT Chapter 9 completed - You were to take down the note on Effects of Inventory Errors H/O: Supplemental Information: Inventory adjustments, Inventory errors Exercise done as a class: - Effect of Inventory errors example Text Reading: Chapter 9 pgs 442-451; 452 (bottom) - 460 (top) + Key terms except Gross Profit method and Retail Method

Text questions: Ex 9-4 (Shrinkage); Ex 9-5 (LCM); Ex 9-6 (FOB); Prob. 9-7 (Shrinkage and LCM)

Review of terms: Ch 8 and 9 Crossword Puzzle

To be handed in for formative assessment: Chapter 9 Assignment Chapter 9 Quiz