Learning Objectives

After studying Chapter 20, in addition to defining key terms, you will be able to:

•  ·         LO1 Prepare a stock record.
• ·         LO2 Calculate the cost of merchandise inventory using the first-in, first-out (FIFO) inventory costing method.
• ·         LO3 Calculate the cost of merchandise inventory using the last-in, first-out (LIFO) inventory costing method.
• ·         LO4 Calculate the cost of merchandise inventory using the weighted-average inventory costing method.
• ·         LO5 Estimate the cost of merchandise inventory using the gross profit method of estimating inventory.

20 Vocabulary Acct

20 Accounting Text

20 Coversheet

Working papers 20-1 wrkprs, PowerPoint 20-1 lecture series, Excel problem

Working Papers 20-2 wrkprs, PowerPoint 20-2 lecture series, Excel problem

Working Papers 20-3 wrkprs, PowerPoint 20-3 lecture series, Excel problem

20 mastery and Challenge problems

20 study guide