Exercise 5 5a periodic inventory costing lo p3

To my students and family, especially Kimberly, Jonathan, Stephanie, and Trevor. To my wife Linda and children Erin, Emily, and Jacob.

FUNDAMENTAL ACCOUNTING PRINCIPLES, TWENTY-FOURTH EDITION

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Library of Congress Cataloging-in-Publication Data

Names: Wild, John J., author. | Shaw, Ken W., author. Title: Fundamental accounting principles / John J. Wild, University of  Wisconsin at Madison, Ken W. Shaw, University of Missouri at Columbia. Description: 24th edition. | Dubuque, IA : McGraw-Hill Education, [2018] |  Revised edition of Fundamental accounting principles, [2017] Identifiers: LCCN 2018016853 | ISBN 9781259916960 (alk. paper) | ISBN  1259916960 (alk. paper) | ISBN 9781260158601 (alk. paper) | ISBN  1260158608 (alk. paper) Subjects: LCSH: Accounting. Classification: LCC HF5636 .W675 2018 | DDC 657—dc23 LC record available at https://lccn.loc.gov/2018016853     The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not guarantee the accuracy of the information presented at these sites.     mheducation.com/highered

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About the Authors

Courtesy of John J. Wild

JOHN J. WILD is a distinguished professor of accounting at the University of Wisconsin at Madison. He previously held appointments at Michigan State University and the University of Manchester in England. He received his BBA, MS, and PhD from the University of Wisconsin.

John teaches accounting courses at both the undergraduate and graduate levels. He has received numerous teaching honors, including the Mabel W. Chipman Excellence-in- Teaching Award and the departmental Excellence-in-Teaching Award, and he is a two-time recipient of the Teaching Excellence Award from business graduates at the University of Wisconsin. He also received the Beta Alpha Psi and Roland F. Salmonson Excellence-in- Teaching Award from Michigan State University. John has received several research honors, is a past KPMG Peat Marwick National Fellow, and is a recipient of fellowships from the American Accounting Association and the Ernst and Young Foundation.

John is an active member of the American Accounting Association and its sections. He has served on several committees of these organizations, including the Outstanding Accounting Educator Award, Wildman Award, National Program Advisory, Publications, and Research Committees. John is author of Financial Accounting, Managerial Accounting, Financial and Managerial Accounting, and College Accounting, all published by McGraw- Hill Education.

John’s research articles on accounting and analysis appear in The Accounting Review; Journal of Accounting Research; Journal of Accounting and Economics; Contemporary Accounting Research; Journal of Accounting, Auditing and Finance; Journal of Accounting and Public Policy; Accounting Horizons; and other journals. He is past associate editor of Contemporary Accounting Research and has served on several editorial boards including The Accounting Review and the Journal of Accounting and Public Policy.