Table of Contents
Introduction to Accounting I An Interactive Case Approach
Assignment Due Today
Today’s In-Class Activities
Individual/Group Quiz
Lower of cost or market (LCM)
Merchandise Inventories Balance Sheet Presentation
Inventory turnover
Other issues with inventory
Inventory, Case #3-1, Part II
Inventory, Case #3-1, Part II
COGS and Gross Margin %
Was Thompson’s gross margin ratio consistent with the industry?
Thompson’s Inventory turnover
Turnover Days in Stock
Thompson failed to recognize obsolescence problem
Bookkeeping error (assume peridodic method is used)
Assignment for Next Time
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Author: Curtis L. DeBerg
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