chp9 酒店财务存货和商品成本核算.ppt

Chp9 InventoriesandCostofGoodsCalculation Glossary Average costmethod 平均成本法 Costofgoodsavailableforsale 可供出售的存货成本 Costofgoodspurchased 采购成本 First in first outmethod FIFO 先进先出法 Inventoriablecosts 存货成本 Inventoryturnover 存货周转率 Glossary Glossary Last in first outmethod LIFO 后进先出法 Netpurchases 采购净额 Specificidentificationmethod 个别辨认法 physicalinventory 实际库存 Glossary Inventoryonhand 现有库存 Currentreplacementcost 当前重置成本 Merchandiseinventory 商品库存 Lowerofcostormarket LCM 成本与市价孰低法 StudyObjectives ThestepsindetermininginventoryquantitiesTheentriesforpurchasesandsalesofinventoryunderaperiodicinventorysystemCostofgoodssoldunderaperiodicinventorysystem StudyObjectives Theuniquefeaturesoftheincomestatementusingaperiodicinventorysystem theinventorycost flowmethodsThefinancialstatementandtaxeffectsofeachoftheinventorycost flowmethods 9 1InventoryBasics Inventoriesareanimportantbarometerofbusinessactivity 9 1InventoryBasics Inventory Toolittle Toomuch 9 1InventoryBasics Inventory Balancesheet Incomestatement 9 2ClassifyingInventory Inventory Merchandiser Merchandiseinventory Manufacturer FinishedgoodsWorkinprocessRawmaterials 9 3Determininginventoryquantities takingaphysicalinventoryofgoodsonhand determiningtheownershipofgoods 9 3 1Takingaphysicalinventory InventoryInternalControlPrinciples 1 Separationofcustodyandrecordsoftheinventory2 Takenperiodicallyusingpreprintedinventorycontrolforms3 Underageoroverageinventoryreporting4 High priceditemsinventorytakendaily5 Storeroomshouldbesecured 9 3 1Takingaphysicalinventory InternalControlPrinciples p263 9 3 2DeterminingOwnershipofGoods GoodsinTransit FOBshippingpoint FOBDestination 9 4PeriodicInventorySystem Periodicinventorysystem Sales Purchases 9 4 1PurchasesofMerchandise Purchases Dr PurchaseReturns Allowances Cr PurchaseDiscounts Cr Freight In Dr 9 4 2SalesofMerchandise SalesReturns Allowances SalesDiscounts 9 5CostofGoodsSold Recordpurchasesofmerchandise Determinethecostofgoodspurchased Determinethecostofgoodsonhandatthebeginningandendoftheaccountingperiod 9 5 1costofgoodspurchased Purchase PR APDiscounts Freight in 9 5 2costofgoodssold Beg Inventory CostofGoodPurchased costofgoodsavailableforsale End Inventory Costofgoodsold Transfersinandout banquet restaurant lounge Roomservice 9 5 3Transferinandout Beg Inventory CostofGoodPurchased Transfersin Transferout End Inventory 9 5 3Transferinandout CostofGoodConsumed EmployeemealsandPromotion CostofGoodSold NetSales CostofGoodsSold GrossProfit OperatingExpenses NetIncome 9 6IncomeStatementPresentation 9 6IncomeStatementPresentation Undertheperiodicinventorysystem thecostofgoodssoldsectiongenerallywillcontainmoredetail 9 7InventoryCosting InventoryCosting costofthebeginninginventory costofthegoodspurchasedduringtheyear 9 7InventoryCosting InventoryCosting Purchasing 采购成本 Receivingandwarehousing 验收与仓储成本 9 8SpecificIdentification Thismethodispossiblewhenacompanysellsalimitedvarietyofhighunit costitemsthatcanbeclearlyidentified Themethodtrackstheactualphysicalflowofthegoods 65 67 70 73 Saladoil 9 9Cost flowMethods FIFO LIFO Averagecost Thereisnoaccountingrequirementthatthecost flowassumptionbeconsistentwiththephysicalmovementofthegoods 9 10FinancialStatementEffects 1 IncomeStatementEffects FIFO Averagecost LIFO Netincome risingprices 9 10FinancialStatementEffects 2 BalancesheetEffects FIFO Averagecost LIFO InventoryValue risingprices 9 10FinancialStatementEffects 3 TaxEffects FIFO Averagecost LIFO Incometaxes risingprices 9 11EffectsofInventoryErrors Beg Inventory CostofGoodPurchased End Inventory CGS 9 11EffectsofInventoryErrors 9 11EffectsofInventoryErrors becomes offsets P282Illustration9 23 9 11EffectsofInventoryErrors 9 11InventoryErrors 9 12StatementsPresentationandAnalysis Disclosure 1 themajorinventoryclassifications 2 thebasisofaccounting 3 thecostingmethod ComputationofLowerofCostorMarket TheWaltDisneyCompany Note1 DescriptionoftheBusinessandSummaryofSignificantAccountingPoliciesInventoriesCarryingamountsofmerchandise materialsandsuppliesinventoriesaregenerallydeterminedonamoving averagecostbasisandarestatedatthelowerofcostormarket 9 13EstimatingEndingInventoryandCostofGoodsSold TheRetailMethod 零售法 TheGrossProfitMethod 毛利法 TheRetailMethod Assumethefollowing Beginninginventoryatcost 12 376Beginninginventoryatretail 22 277Purchaseatcost 76 840Purchaseatretail 138 312Netsalesatretail 132 068 TheRetailMethod TheGrossProfitMethod Assumethefollowing Beginninginventory08 01 2008 16 586PurchaseinAugust 48 522SalesinAugust 93 407GrossProfitpercentage53 TheRetailMethod CHOICE 1 Underaperiodicinventorysystem acquisitionofmerchandiseisdebitedtothea MerchandiseInventoryaccount b CostofGoodsSoldaccount c Purchasesaccount d AccountsPayableaccount CHOICE 2 Thefactorwhichdetermineswhetherornotgoodsshouldbeincludedinaphysicalcountofinventoryisa legaltitle b physicalpossession c management sjudgment d whetherornotthepurchasepricehasbeenpaid CHOICE 3 TheFreight inaccounta isapermanentaccount b iscontratothePurchasesaccount c increasesthecostofmerchandisepurchased d hasanormalcreditbalance CHOICE 4 Whichoneofthefollowinginventorymethodsisoftenimpracticaltouse a Specificidentificationb LIFOc FIFOd Averagecost 5 Ken sHotelHeatingandVentilationusesthespecificidentificationmethodofcostinginventory DuringMarch Kenpurchasedthreeairconditioningunitsfor 5 000 6 000 and 8 000 respectively DuringMarch twounitsaresoldfor 8 500each KendeterminesthatatMarch31 the 8 000unitisstillonhand WhatisKen sgrossprofitforMarch a 4 000b 3 000c 6 000d 9 000 6 Ifcompanieshaveidenticalinventoriablecostsbutusedifferentinventoryflowassumptionswhenthepriceofgoodshavenotbeenconstant incomeofthecompanieswillbeidentical 7 Inperiodsofinflation phantomorpaperprofitsmaybereportedasaresultofusingthea LIFOcostingassumption b perpetualinventorymethod c FIFOcostingassumption d periodicinventorymethod CHOICE CHOICE 8 SelectionofaninventorycostingmethodbymanagementdoesnotusuallydependonA thefiscalyearend B balancesheeteffects C incomestatementeffects D taxeffects 9 ThemanagersofTotallyThaiRestaurantreceiveperformancebonusesbasedonthenetincomeoftherestaurant Whichinventorycostingmethodaretheylikelytofavorinperiodsofdecliningprices a FIFOb AverageCostc LIFOd Physicalinventorymethod 10 Whenacompanyusestheperiodicmethodofaccountingforinventoriesthea inventorybalancedoesnotchangeuntiltheendoftheaccountingperiod b inventorybalanceisdebitedwheninventoryispurchasedandCostofGoodsSoldisdebitedwheninventoryissold c saleofinventoryrequiresacredittoCostofGoodsSold d acquisitionofmerchandiserequiresadebittoMerchandiseInventory True False 1 WecanusetheLIFOinventorymethodonlyifweknowthatthenewestunitsarealwayssoldfirst 2 Costofgoodspurchasedlesstheendinginventoryequalscostofgoodssold True False 3 Goodsintransitwouldbeincludedintheendinginventoryofthebuyerandtheseller 4 Whenbeginninginventoryisunderstated netincomewillbeunderstated True False 5 Managementmaychooseanyinventorycostingmethoditdesiresaslongasthecostflowassumptionchosenisconsistentwiththephysicalmovementofgoodsinthecompany MATCHING A CostofgoodsavailableforsaleB RawmaterialsC FOBshippingpointD FOBdestinationE NetpurchasesF F