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| Jennifer Lenz - Ch.22
ACCOUNTING 1 LESSON PLAN
- DAY 1 CHAPTER 22 -
INVENTORY JENNIFER
LENZ OBJECTIVES
FOR DAY 1: 1. Introduce the chapter. 2. Talk about different types of inventory (FIFO, LIFO, and weighted average). 3. Give students exercise to do in class. MATERIALS NEEDED TO PRESENT DAY 1 LESSON: 1. Attendance sheet. 2. Gradebook 3. Overhead projector. 4. Transparencies. 5. Calculator. 6. Pen. 7. Pencil. 8. Cloth. 9. Overhead markers. 10. Chalk. 11. Eraser. 12. Textbook. 13. Working papers. 14. Math worksheet. SCHEDULE FOR DAY 1 (Assuming a 50 minute class period): 1. Take attendance (2 minutes) Take attendance and fill out attendance sheet. 2. Begin talking about inventory (8 minutes) A. Talk about why keeping track of merchandise inventory is important - it is a way to make sure a business has enough inventory for customers and that they do not have too much in case it becomes obsolete.
B. Business must decide which method in tracking inventory is correct for them, periodic or perpetual. 1. Periodic - taking a physical count of inventory, usually at the end of the fiscal period. 2. Perpetual - taking a continuous record of increases or decreases in inventory. 3. Describe an inventory record and a stock record (5 minutes) A. Talk about an inventory record which is used with a periodic inventory Record the following information: 1. Item. 2. Date. 3. Stock number. 4. Description. 5. Number of units on hand. 6. Unit price. 7. Total cost of each item. B. Talk and show an example of a stock record used with a perpetual inventory (Use On Your Own Problem p. 577 from South-Western Text). Record the following information: 1. Description of the item. 2. Stock number. 3. Reorder - the number to order when purchasing. 4. Minimum - the minimum balance allowed before a reorder must be placed. 5. Location. 6. Column for purchase date - purchase invoice number, and quantity. 7. Column for sales - date, sales invoice number, and quantity. 8. Balance - quantity on hand. 9. Talk about a stock ledger - a file of all stock records.
4. Describe first-in-first-out (FIFO), last-in-first-out (LIFO) and weighted average methods (10 minutes) A. FIFO - the first items in inventory are sold first. B. LIFO - the last items in inventory are sold first. C. Weighted average - average unit price is determined per product and used to calculate cost ending inventory. (Show examples of how to calculate inventories using the above inventory methods - On Your Own Problem p. 582 from South-Western Text). 5. Talk about chapter terms and work on parts A, B, and C on the math worksheet (20 minutes) A. Pass out vocabulary list. B. Work on parts A, B, and C on the math worksheet from South-Western text. 6. Have students write in their journals about what they learned today (5 minutes) 7. Homework If students do not finish the worksheet, assign it as homework. 8. Evaluation Did I plan an adequate amount of information to present lesson? If no, what can I do to better utilize the class time? What would I change for next year? What went well? Additional comments: ACCOUNTING 1 LESSON PLAN
- DAY 2 CHAPTER
22 - INVENTORY OBJECTIVES FOR DAY 2: 1. Review what students should have learned on day one of this chapter and go over assignment given. 2. Learn about estimating inventory. 3. Give students problem to do regarding inventory. MATERIALS NEEDED TO PRESENT DAY 2 LESSON: 1. Attendance sheet. 2. Gradebook 3. Overhead projector. 4. Transparencies. 5. Calculator. 6. Pen. 7. Pencil. 8. Cloth. 9. Overhead markers. 10. Chalk. 11. Eraser. 12. Textbook. 13. Working papers. 14. Math worksheet. SCHEDULE FOR DAY 2 (Assuming a 50 minute class period): 1. Take attendance (2 minutes) Take attendance and fill out attendance sheet. 2. Review what students learned from Day 1 (5 minutes) A. Periodic versus perpetual inventory. B. Inventory record and stock record. C. The difference between FIFO, LIFO, and weighted average. D. Go over the homework assignment - math worksheet parts A, B, and C. E. Ask if students have any questions. 3. Talk about estimating inventory using the gross profit method (18 minutes) A. Estimate inventory based on previous year’s percentage of gross profit on operations. B. Often used to estimate cost of ending inventory on monthly financial statements. C. Less expensive than taking a periodic or perpetual inventory. D. Show 4 steps to figure ending inventory - use part D on the math worksheet as an example (South-Western). 1. Step 1 Beginning inventory plus net purchase for the month = cost of merchandise available for sale. 2. Step 2 Net sales for the month times previous year’s gross profit percentage = estimated gross profit on operations. 3. Step 3 Net sales for the month minus estimated gross profit on operations = estimated cost of merchandise sold. 4. Step 4 Cost of merchandise available for sale less estimated cost of merchandise sold= estimated ending merchandise inventory. 4. Assign problem 22-3 on page 587 (20 minutes)
Begin in class and finish for homework. 5. Have students write in their journals about what they learned today (5 minutes) 6. Homework
Have students finish problem 22-3 for homework. 7. Evaluation Did I plan an adequate amount of information to present lesson? If no, what can I do to better utilize the class time? What would I change for next year? What went well? Additional comments:
ACCOUNTING
1 LESSON PLAN
- DAY 3 CHAPTER
22 - INVENTORY OBJECTIVES FOR DAY 3: 1. Review what students learned yesterday (Day 2). 2. Go over problem 22-3 on page 587 that students did in class or for homework. 3. Ask if students have any questions about the chapter. 4. Begin study guide and review of chapter. MATERIALS NEEDED TO PRESENT DAY 3 LESSON: 1. Attendance sheet. 2. Gradebook 3. Overhead projector. 4. Transparencies. 5. Calculator. 6. Pen. 7. Pencil. 8. Cloth. 9. Overhead markers. 10. Chalk. 11. Eraser. 12. Textbook. 13. Working papers. 14. Study guide. SCHEDULE FOR DAY 3 (Assuming a 50 minute class period): 1. Take attendance (2 minutes) Take attendance and fill out attendance sheet. 2. Review material from Day 2 lesson and go over homework (8 minutes) A. Review material gone over on Day 2 regarding gross profit method of estimating inventory. B. Go over homework problem 22-3 on page 587. C. Ask if students have any questions about the chapter. 3. Do a review of FIFO, LIFO, and weighted average (20 minutes) Do problem 22-2 on page 587 together. 4. Start review using the study guide of Chapter 22 (15 minutes) A. Hand out study guide. B. Have students begin working on study guide. 5. Have students write in their journals about what they learned today (5 minutes) 6. Homework Students should finish the study guide and bring to class tomorrow to go over. 7. Evaluation Did I plan an adequate amount of information to present lesson? If no, what can I do to better utilize the class time? What would I change for next year? What went well? Additional comments: ACCOUNTING 1 LESSON PLAN
- DAY 4 CHAPTER
22 - INVENTORY OBJECTIVES FOR DAY 4: 1. Go over the study guide. 2. Ask students if they have any final questions about Chapter 22. 3. Go over the study guide and continue review for Chapter 22 test that will be given tomorrow. MATERIALS NEEDED TO PRESENT DAY 4 LESSON: 1. Attendance sheet. 2. Gradebook 3. Overhead projector. 4. Transparencies. 5. Calculator. 6. Pen. 7. Pencil. 8. Cloth. 9. Overhead markers. 10 Chalk. 11. Eraser. 12. Textbook. 13. Study guide. 14. Working papers. 15. Study guide. 16.
List of what will be on the Chapter 22 test. SCHEDULE FOR DAY 4 (Assuming a 50 minute class period): 1. Take attendance (2 minutes) Take attendance and fill out attendance sheet. 2. Go over study guide (18 minutes) A. Have students give answers they got on the study guide to correct it. B. See where students are having problems and review those areas. 3. Review for test (20 minutes)
A. Ask students what questions they have about Chapter 22. B. Quiz students by asking them questions relating to vocabulary and how to do such things as determining how to value ending inventory using FIFO, LIFO, and weighted average methods. Can use math worksheet and working together problem on page 577 that students completed to review. Use the vocabulary list handed out on Day 1 to review also. C. Go over problem 22-4 on page 588. 4. Tell students about Chapter 22 test (5 minutes)
Tell students about the test, what areas will be emphasized, and the format of the test. A. There will be matching with vocabulary words. B. There will be an area on FIFO, LIFO, and weighted average. C. Know the gross profit method of estimating inventory. D. There will be a few multiple choice questions. 5. Have students write in their journals about what they learned today (5 minutes) 6. Homework
Study for Chapter 22 test. 7. Evaluation Did I plan an adequate amount of information to present lesson? If no, what can I do to better utilize the class time? What would I change for next year? What went well? Additional comments:
ACCOUNTING 1 LESSON PLAN
- DAY 5 CHAPTER
22 - INVENTORY OBJECTIVES FOR DAY 5: Have students take the Chapter 22 test. MATERIALS NEEDED TO PRESENT DAY 5 LESSON: 1. Attendance sheet. 2. Gradebook 3. Overhead projector. 4. Transparencies. 5. Calculator. 6. Pen. 7. Pencil. 8. Cloth. 9. Overhead markers. 10 Chalk. 11. Eraser. 12. Textbook. 13. Study guide. 14. Working papers. 15. Chapter 22 test for students. 16. Chapter 22 key for test. **Have
all of these material present in case students have last minute questions and I
need to go over a problem. SCHEDULE FOR DAY 5 (Assuming a 50 minute class
period): 1. Take attendance (2 minutes) Take attendance and fill out attendance sheet. 2. Ask students if they have any last minute questions (8 minutes) Answer any last minute questions regarding Chapter 22. 3. Have students take Chapter 22 test (40 minutes)
A. Tell students to make sure they put their names on the test. B. If students finish early, they should begin reading Chapter 23.
4.
Collect tests at the end of the
class period if students do not finish before the end of class 5. Evaluation How was the Chapter 22 test? What would I add or take off the test next year? Additional comments: |
