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5- PAGE 44 Copyright ? 2009 John Wiley Sons, Inc.???Kimmel, Financial Accounting, 5/e, Solutions Manual???(For Instructor Use Only) Copyright ? 2009 John Wiley Sons, Inc.???Kimmel, Financial Accounting, 5/e, Solutions Manual???(For Instructor Use Only) 5- PAGE 25 CHAPTER 5 Merchandising Operationsand the Multiple-Step Income Statement Study Objectives 1. Identify the differences between a service company and a merchandising company. 2. Explain the recording of purchases under a perpetual inventory system. 3. Explain the recording of sales revenues under a perpetual inventory system. 4. Distinguish between a single-step and a multiple-step income statement. 5. Determine cost of goods sold under a periodic system. 6. Explain the factors affecting profitability. 7. Identify a quality of earnings indicator. *8. Explain the recording of purchases and sales of inventory under a periodic inventory system. Summary of Questions by Study Objectives and Bloom’s Taxonomy ItemSOBTItemSOBTItemSOBTItemSOBTItemSOBTQuestions?1.1C?7.3K12.4AP17.4K22.6K?2.1C?8.3AP13.3C18.2K23.6C?3.1C?9.3C14.4C19.2K24.6AN?4.1C10.3C15.4K20.5K25.7C?5.1AP11.2AP16.1K21.5K26.?8*AP?6.3CBrief Exercises?1.1, 4AP?4.2AP?7.5AP10.6AP12.7C?2.2, 3AP?5.4AP?8.5AP11.6AP13.?8*AP?3.3AP?6.4AP?9.5CDo It! Review Exercises?1.2AP?2.3AP?3.4AP?4.5APExercises?1.3AP?4.2, 3AP?7.4, 6AP10.5AP12.7C?2.2, 3AP?5.4AP?8.4, 6AP11.5AN13.?8*AP?3.2AP?6.4, 6AP?9.4, 6APProblems: Set A?1.2, 3, 4, 6AP?3.2, 3, 4AP?5.4AP?7.4, 5AP?9.5, 8*AP?2.2, 3AP?4.4, 6AP?6.4AP?8.4, 5,6ANProblems: Set B?1.2, 3, 4, 6AP?3.2, 3, 4AP?5.4AP?7.4, 5AP?9.5, 8*AP?2.2, 3AP?4.4, 6AP?6.4AP?8.4, 5, 6ANASSIGNMENT CHARACTERISTICS TABLE ProblemNumber Descript