Lesson 7.6 How Much Inventory?

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1 Lesson Plan 7.6 How Much Inventory? Course Title Accounting I Session Title Plant Assets and Depreciation Lesson Purpose Demonstrate skill in calculating inventory using different methods. Behavioral Objectives Define accounting terms related to inventory. Calculate the cost of inventory using First In/First Out, Last In/Last Out and Weighted-Average costing methods. Estimate cost of merchandise inventory. Preparation OLD TEKS Correlations: This lesson, as published, correlates to changes/alterations to the activities may result in the elimination of any or all of C.4.d. record inventories; 7.a. follow oral and written instructions; 7.b. develop time management skills by setting priorities for completing work as scheduled. 7.c. make decisions using appropriate accounting concepts; 7.e. perform accounting procedures using manual and automated methods; 7.g. demonstrate use of the numeric keypad by touch 2010 TEKS Correlations: This lesson, as published, correlates to changes/alterations to the activities may result in the elimination of any or all of C 8.a. record inventory usage TAKS Correlation: WRITING Objective 5: The student will produce a piece of writing that demonstrates a command of the conventions of spelling, capitalization, punctuation, grammar, usage, and sentence structure. Objective 6: The student will demonstrate the ability to revise and proofread to improve the clarity and effectiveness of a piece of writing. Lesson 7.6 How Much Inventory?

2 MATH Objective 10: The student will demonstrate an understanding of the mathematical processes and tools used in problem solving. Materials, Equipment and Resources: Textbook Accounting Software Journal Input Forms Spreadsheet Software Internet Teaching Strategies: Observation Verbal Drills Demonstration Lesson Content: This lesson includes instruction on using different methods of calculating cost of inventory and on learning to estimate cost of merchandise inventory. Assessment: Observation Graded Assignments Lesson 7.6 How Much Inventory?

3 Additional Resources: Textbooks: Websites: Guerrieri, Donald J., Haber, Hoyt, Turner. Glencoe Accounting Real- World Applications and Connections. Glencoe McGraw-Hill, ISBN/ISSN X. Ross, Kenton, Gilbertson, Lehman, and Hanson. Century 21 Accounting Multicolumn Journal Anniversary Edition, 1st Year Course. South- Western Educational and Professional Publishing, ISBN/ISSN: Ross, Kenton, Gilbertson, Lehman, and Hanson. Century 21 General Journal Accounting Anniversary Edition, 7th Edition. South- Western Educational and Professional Publishing, ISBN/ISSN: FIFO/LIFO. Internal Revenue Service, Business Partners: Loan officers from a bank Collection Agency officer Lesson 7.6 How Much Inventory?

4 Activity Calculating Depreciation Using Declining- Balance Method Course Title Accounting I Session Title Plant Assets and Depreciation Activity Purpose - Identify terms related to inventory. OLD TEKS Correlations: C 7.a. follow oral and written instructions; 7.b. develop time management skills by setting priorities for completing work as scheduled; 2010 TEKS Correlations: C N/A TAKS Correlation: WRITING Objective 5: The student will produce a piece of writing that demonstrates a command of the conventions of spelling, capitalization, punctuation, grammar, usage, and sentence structure. Objective 6: The student will demonstrate the ability to revise and proofread to improve the clarity and effectiveness of a piece of writing. Materials, Equipment and Resources: Textbook Internet Teaching Strategies: Observation Activity Outline: 1. Have students define these terms: periodic inventory perpetual inventory inventory record stock record stock ledger first-in, first-out inventory costing method last-in-last out inventory costing method weighted-average inventory costing method gross profit method of estimating inventory consistency principle conservatism principle market value 2. Locate online or create an Inventory Terms presentation to drill students on terms related to inventory. Activity Calculating Depreciation Using Declining-Balance Method

5 Assessment: Observation Graded Assignment Quality Feature Definitions thorough and accurate. Verbal drill using slide show demonstrates knowledge of terms. Completes in a timely manner. Score Activity Calculating Depreciation Using Declining-Balance Method

6 Activity Calculating Inventory Cost Using FIFO Course Title Accounting I Session Title Plant Assets and Depreciation Activity Purpose -. Develop skill in calculating inventory cost using first-in, first-out inventory costing method. OLD TEKS Correlations: C 4.d. record inventories; 7.a. follow oral and written instructions; 7.b. develop time management skills by setting priorities for completing work as scheduled; 7.c. make decisions using appropriate accounting concepts; 7.g. demonstrate use of the numeric keypad by touch 2010 TEKS Correlations: C 8.a. record inventory usage TAKS Correlation: MATH Objective 10: The student will demonstrate an understanding of the mathematical processes and tools used in problem solving. Materials, Equipment and Resources: Textbook Spreadsheet Software Internet Teaching Strategies: Observation Verbal Drills Activity Calculating Inventory Cost Using FIFO

7 Activity Outline: 1. Using the following information, demonstrate calculation using the FIFO cost of merchandise method. A periodic inventory of the 128 MB USB Flash Memory Key Storage was conducted on December 31. It showed 32 items on hand of stock number G1001. The following is other purchase information for the item: Purchase Dates Units Unit Price Total Cost Jan. 1, beginning inventory 2 $15.00 $30.00 Feb. 1, purchases 45 $14.00 $ May 4, purchases 20 $13.00 $ August 21, purchases 50 $12.00 $ October 30, purchases 25 $10.00 $ Totals 142 $1, Calculation of 32 Memory Key Storage units: Use most recent price first: October 30 purchases = $ There were 32 units = 7 units left to price. The next most recent prices were from the August purchase of $12.00 each. $12.00 = $ The cost of the inventory is $ $84.00 = $ Have your students create a similar chart in a spreadsheet for 5 different items, calculating the cost of inventory for each item. Have them go to the Internet to locate model numbers on five items they want to use. Have them use a logical price based on the current retail price. They also decide on how many they would have purchased during the fiscal period and how many they have left. At the bottom of each spreadsheet, have your students place a link to the Web site where they received their information for the item. Assessment: Observation Graded Assignment Quality Feature Student participates in demonstration and accurately answers any verbal questions Design of spreadsheet clear and effective for the project Amounts used realistic FIFO method of calculating cost of inventory accurately used Web site links provided on each spreadsheet Completes in a timely manner. Score Activity Calculating Inventory Cost Using FIFO

8 Activity Calculating Inventory Cost Using FIFO

9 Activity Calculating Cost of Inventory Using LILO Method Course Title Accounting I Session Title Plant Assets and Depreciation Activity Purpose - Demonstrate skill in calculating cost of inventory using the Last In, Last Out method. OLD TEKS Correlations: C 5.a. compare the various forms of business organizations; 5.b. list advantages and disadvantages of each form of business organization; 5.c. identify the various accounting functions involved with each form of business organization; 7.a. follow oral and written instructions; 7.b. develop time management skills by setting priorities for completing work as scheduled; 2010 TEKS Correlations: C 8.d. determine the cost of inventory TAKS Correlation: MATH Objective 10: The student will demonstrate an understanding of the mathematical processes and tools used in problem solving. Materials, Equipment and Resources: Textbook Spreadsheet Software Teaching Strategies: Observation Verbal Drills Activity Calculating Cost of Inventory Using LILO Method

10 Activity Outline: 1. Using the following information, demonstrate calculation using the LILO cost of merchandise method. A periodic inventory of the 128 MB USB Flash Memory Key Storage was conducted on December 31. It showed 32 items on hand of stock number G1001. The following is other purchase information for the item: Purchase Dates Units Unit Total Price Cost Jan. 1, beginning inventory 2 $15.00 $30.00 Feb. 1, purchases 45 $14.00 $ May 4, purchases 20 $13.00 $ August 21, purchases 50 $12.00 $ October 30, purchases 25 $10.00 $ Totals 142 $1, Demonstrate calculation as follows: Purchase Dates Units Unit Price Total Cost Jan. 1, beginning inventory 2 $15.00 $30.00 Feb. 1 purchases 30 $14.00 $ Total for 32 units 32 $ Have students recalculate their 5 items from the previous exercise, using the LILO method of cost of inventory. Assessment: Observation Graded Assignment Quality Feature Student participates in demonstration and accurately answers any verbal questions Design of spreadsheet clear and effective for the project Amounts used realistic LILO method of calculating cost of inventory accurately used Web site links provided on each spreadsheet Completes in a timely manner. Score Activity Calculating Cost of Inventory Using LILO Method

11 Activity Calculating Inventory Cost Using Weighted- Average Method Course Title Accounting I Session Title Plant Assets and Depreciation Activity Purpose - Develop skill in calculating inventory cost using weightedaverage method of inventory cost. OLD TEKS Correlations: C 4.d. record inventories; 7.a. follow oral and written instructions; 7.b. develop time management skills by setting priorities for completing work as scheduled; 7.c. make decisions using appropriate accounting concepts; 7.e. perform accounting procedures using manual and automated methods; 7.g. demonstrate use of the numeric keypad by touch TAKS Correlation: WRITING 2010 TEKS Correlations: C 8.a. record inventory usage 8.d. determine the cost of inventory Objective 5: The student will produce a piece of writing that demonstrates a command of the conventions of spelling, capitalization, punctuation, grammar, usage, and sentence structure. Objective 6: The student will demonstrate the ability to revise and proofread to improve the clarity and effectiveness of a piece of writing. MATH - Objective 10: The student will demonstrate an understanding of the mathematical processes and tools used in problem solving. Materials, Equipment and Resources: Textbook Spreadsheet Software Teaching Strategies: Observation Verbal Drills Activity Calculating Inventory Cost Using Weighted-Average Method

12 Activity Outline: 1. Demonstrate using the weighted-average method of calculating cost of inventory for this situation: A periodic inventory of the 128 MB USB Flash Memory Key Storage was conducted on December 31. It showed 32 items on hand of stock number G1001. The following is other purchase information for the item: Purchase Dates Units Unit Price Total Cost Jan. 1, beginning inventory 2 $15.00 $30.00 Feb. 1, purchases 45 $14.00 $ May 4, purchases 20 $13.00 $ August 21, purchases 50 $12.00 $ October 30, purchases 25 $10.00 $ Totals 142 $1, Weighted-Average Method: $1, divided by 142 units = $12.46 each unit With 32 units left, the cost of inventory is: 32 X $12.46 = $ Have your students use their spreadsheet and their 5 items from the last two exercises to calculate the cost of inventory for these 5 items using the weighted-average method. 3. Have your students write a short paragraph comparing the 3 inventory methods. Assessment: Observation Graded Assignment Quality Feature Student participates in demonstration and accurately answers any verbal questions Design of spreadsheet clear and effective Amounts used realistic LILO method of calculating cost of inventory correct Web site links w ere provided on each spreadsheet Written comparison well-written with very few grammatical or spelling errors Written comparison logical and a good analysis of the outcome of the spreadsheet calculations Completes in a timely manner Score Activity Calculating Inventory Cost Using Weighted-Average Method

13 Activity Estimating Cost of Inventory Course Title Accounting I Session Title Plant Assets and Depreciation Activity Purpose - Develop skill in calculating inventory cost using the gross profit method of estimating method. OLD TEKS Correlations: C 4.d. record inventories; 7.a. follow oral and written instructions; 7.b. develop time management skills by setting priorities for completing work as scheduled; 7.c. make decisions using appropriate accounting concepts; 7.g. demonstrate use of the numeric keypad by touch 2010 TEKS Correlations: C 8.a. record inventory usage TAKS Correlation: MATH Objective 10: The student will demonstrate an understanding of the mathematical processes and tools used in problem solving. Materials, Equipment and Resources: Textbook Teaching Strategies: Observation Demonstration Activity Outline: Discuss reasons a business would choose to use the gross profit method of estimating cost of inventory. Demonstrate calculation using this inventory method: Step 1: Cost of Merchandise Available for Sale: Beginning inventory, Jan. 1 $45,100 Plus net purchases, Jan. 1 to 31 30,200 Activity Estimating Cost of Inventory

14 Cost of Merchandise Available for Sale Step 2: Gross profit on operations: $75,300 Net sales for Jan. 1 to 31 $22,500 Times previous year s gross profit percent 20% Estimated cost of merchandise sold $4,500 Step 3: Cost of merchandise sold: Net sales for Jan. 1 to 31 $22,500 Less estimated gross profit on operations 4,500 Estimated cost of merchandise sold $18,000 Step 4: Cost of ending merchandise sold: Cost of merchandise available for sale $75,300 (step 1) Less estimated cost of merchandise sold 18,000 (step 3) Estimated ending merchandise $57,300 inventory 3. Ask students to break into teams. Give each team one of the following problems to calculate the estimated cost of merchandise inventory. Write the answers on the board so students can tell you which one is their answer when they are finished. Have your students use a spreadsheet to create their steps. Team 1: Beginning inventory, Jan. 1 $55,500 Net purchases for fiscal year $100,000 Net sales $76,200 Previous year s gross profit 27% percent Team 2: Beginning inventory, Jan. 1 $330,500 Net purchases for fiscal year $151,000 Net sales $220,000 Previous year s gross profit 43% percent Team 3: Beginning inventory, Jan. 1 $14,010 Net purchases for fiscal year $6,400 Net sales $13,333 Previous year s gross profit 14% percent Activity Estimating Cost of Inventory

15 Assessment: Team 4: Team 5: Beginning inventory, Jan. 1 $75,445 Net purchases for fiscal year $62,000 Net sales $89,000 Previous year s gross profit 39% percent Beginning inventory, Jan. 1 $590,500 Net purchases for fiscal year $260,000 Net sales $142,200 Previous year s gross profit 63% percent Observation Graded Assignment Quality Feature Student participates in discussion and demonstration activities Student accurately answers any verbal questions Student participates effectively as a team member Spreadsheet created by team easy to follow and accurate Completes in a timely manner Score Activity Estimating Cost of Inventory

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