Accounting 2. Stage 1 Desired Results. Lenape Regional High School District BOE Approved 2/15/

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1 Accounting [Pat Costello, pcostello@lrhsd.org, Seneca High School, X8392] [Gail Kain, gkain@lrhsd.org, Lenape High School, X3322] [Rick Bozarth, rbozarth@lrhsd.org, Shawnee High School, X8344] [Jack Lamplugh, jlamplugh@lrhsd.org, Cherokee High School X8609] Unit #4--Accounting for Inventory Stage 1 Desired Results Established Goals 2009 NJCCC Standard(s), Strand(s)/CPI # ( Common Core Curriculum Standards for Math and English ( Standard 8.1 Educational Technology: All students will use digital tools to access, manage, evaluate, and synthesize information in order to solve problems individually and collaboratively and to create and communicate knowledge. Strand A. Technology Operations and Concepts Strand D. Digital Citizenship Standard st-Century Life and Career Skills: All students will demonstrate the creative, critical thinking, collaboration, and problemsolving skills needed to function successfully as both global citizens and workers in diverse ethnic and organizational cultures. Strand A. Critical Thinking and Problem Solving Strand B. Creativity and Innovation Strand C. Collaboration, Teamwork, and Communication Strand E. Communication and Media Fluency Strand F. Accountability, Productivity, and Ethics 21 st Century Themes ( ) _x_ Global Awareness _x_ Financial, Economic, Business and Entrepreneurial Literacy Civic Literacy Health Literacy Environmental Literacy Learning and Innovation Skills: _x_ Creativity and Innovation _x_ Critical Thinking and Problem Solving _x_ Communication and Collaboration Information, Media and Technology Skills: _x_ Information Literacy Media Literacy _x_ ICT (Information, Communications and Technology) Literacy Life and Career Skills: _x_ Flexibility and Adaptability _x_ Initiative and Self-Direction _x_ Social and Cross-Cultural Skills _x_ Productivity and Accountability 21 st Century Skills

2 Standard 9.2 Personal Financial Literacy: All students will develop skills and strategies that promote personal and financial responsibility related to financial planning, savings, investment, and charitable giving in the global economy. _x_ Leadership and Responsibility Strand A. Income and Careers Strand B. Money Management Strand C. Credit and Debit Management Strand F. Civic Financial Responsibility Standard 9.3 Career Awareness, Exploration, and Preparation: All students will apply knowledge about and engage in the process of career awareness, exploration, and preparation in order to navigate the globally competitive work environment of the information age. Strand C. Career Preparation Standard 9.4 Career and Technical Education: All students who complete a career and technical education program will acquire academic and technical skills for careers in emerging and established professions that lead to technical skill proficiency, credentials, certificates, licenses, and/or degrees. Strand A. Cumulative progress indicators for foundational knowledge and skills Strand B. Cumulative progress that are specific to the career cluster Enduring Understandings: Students will understand that... it is important to maintain an accurate cost of merchandise inventory. it is important to maintain an inventory sufficient to satisfy consumer demand. Essential Questions: Why do successful businesses need an effective inventory system? What effects do the different inventory costing methods have on financial statements? What happens to a business when they run out of a particular product?

3 Knowledge: Students will know... how to estimate the value of inventory. how to calculate the balance of inventory using various methods, vocabulary and accounting concepts related to Inventory.. Skills: Students will be able to... determine the cost of merchandise inventory using the fifo, lifo, and weighted-average inventory methods. estimate the cost of merchandise inventory using the gross profit method of estimating inventory. prepare a stock record. Stage 2 Assessment Evidence Recommended Performance Tasks: Each unit must have at least 1 Performance Task. Consider the GRASPS form. A fire completely destroyed the warehouse of Murphy Electronics Company on the night of May 12 of the current year. The accounting records of the company and $1, of merchandise inventory were salvaged. The company does not maintain a perpetual inventory system. The insurance company estimated the book value of the total inventory was $20,000 of the merchandise destroyed in the fire. You have been asked by the owner to calculate the value of the merchandise that lost in the fire using the accounting records that were salvaged. Your written report should include what is meant by the book value and the replacement value of the inventory, the affect FIFO inventory costing method has on the difference between the book value and replacement value of the destroyed inventory, and your recommendations on what should determine which value the insurance company should use. Other Recommended Evidence: Tests, Quizzes, Prompts, Self-assessment, Observations, Dialogues, etc. Answer unit questions Define vocabulary terms 1. first-in, first-out inventory costing method: using the price of merchandise purchased first to calculate the cost of merchandise sold first 2. gross profit method of estimating inventory: estimating inventory by using the previous year s percentage of gross profit on operations 3. inventory record: a form used during a periodic inventory to record information about each item of merchandise on hand 4. last-in, first-out inventory costing method: using the price of merchandise purchased last to calculate the cost of merchandise sold first 5. periodic inventory: a merchandise inventory determined by counting, weighing, or measuring items of merchandise on hand 6. perpetual inventory: a merchandise inventory determined by keeping a continuous record of increases, decreases, and balance on hand 7. stock ledger: a file of stock records for all merchandise on hand 8. stock record: a form used to show the kind of merchandise, quantity received, quantity sold, and balance on hand 9. weighted-average inventory costing method: using the average cost of beginning inventory plus merchandise purchased during a fiscal period to calculate the cost of merchandise sold Study Guide consisting of t/f, multiple choice, and matching questions

4 Completion of accounting problems Test and quizzes on unit content Practice Set/Reinforcement Activity Stage 3 Learning Plan Suggested Learning Activities to Include Differentiated Instruction and Interdisciplinary Connections: Consider the WHERETO elements. Each learning activity listed must be accompanied by a learning goal of A=Acquiring basic knowledge and skills, M=Making meaning and/or a T=Transfer. In this unit on accounting for inventory, you are to introduce the Enduring Understanding and Essential Questions. The students need to know how to calculate the value of inventory using various methods. Define unit terms and concepts (A) Create a Stock Record (A) Calculate the balance of inventory using multiple costing methods (A) Explain when a business would estimate the cost of inventory rather than take a physical count. (M) Afford opportunities for students to express levels of concern and understanding. (M) Chapter 19 Test (T) Preparing a Stock Record (A, M, T) Determining the Cost of Inventory using FIFO, LIFO and Weighted-Average Costing Methods (A, M, T) Estimating Ending Inventory Using the Gross Profit Method (A, M, T) Students will compare the impact of different costing methods on the financial statements. (M, T) Students will calculate the value of inventory using various methods. (M, T) Students will estimate the ending inventory. (M, T) Take a graded assignment and explain where you made a mistake(s) and what you would do to fix it.( M, T) Use formative assessments and summative assessments for basic student understanding. (M, T) Ensure that there are ongoing cycles of model, practice, feedback, and adjustment built into the unit. TAILORING FOR DIVERSE LEARNERS Assess prior knowledge and skills through differentiated activities to accommodate different knowledge and skills levels. Provide students with open-ended questions, activities, assignments, and assessments that enable students to give different but equally valid responses. Appeal to various modalities (e.g., present information orally, visually, and in writing). Accommodate students with different learning styles by providing opportunities for them to work alone and in groups. All students choices of products (e.g., visual, written, oral) for activities and assignments. Provide students with options for demonstrating understanding through various products and performances without compromising the goals or standards

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