清华经管会计学原理Chapter07.ppt

Chapter7 ReportingandInterpretingCostofGoodsSoldandInventory LearningObjectives Toidentifytheamountsthatshouldbeincludedininventory 存货 andtodetermineCOGS 销售成本 LO1 CostsIncludedinInventoryPurchases Thecostprinciplerequiresthatinventoryberecordedatthepricepaidortheconsiderationgiven InvoicePrice Freight InspectionCosts PreparationCosts FlowofInventoryCosts NatureofCostofGoodsSold BeginningInventory PurchasesforthePeriod EndingInventory BalanceSheet GoodsavailableforSale CostofGoodsSold IncomeStatement Beginninginventory Purchases GoodsAvailableforSaleGoodsAvailableforSale Endinginventory Costofgoodssold LearningObjectives ReportinventoryandCOGSusingthefourinventorycostingmethods LO2 InventoryCostingMethods SpecificIdentification个别认定法 FIFO先进先出法 LIFO后进先出法 WeightedAverage加权成本法 InventoryCostingMethods TotalDollarAmountofGoodsAvailableforSale EndingInventory CostofGoodsSold InventoryCostingMethod SpecificIdentification 个别认定法 Whenunitsaresold thespecificcostoftheunitsoldisaddedtocostofgoodssold CostFlowAssumptions 成本流动假设 Thechoiceofaninventorycostingmethodisnotbasedonthephysicalflowofgoodsonandofftheshelves FIFO LIFO WeightedAverage First In First OutMethod 先进先出法 CostofGoodsSold OldestCosts EndingInventory RecentCosts First In First Out Remember Thecostsofmostrecentpurchasesareinendinginventory Startwith11 29andaddunitspurchaseduntilyoureachthenumberinendinginventory First In First Out First In First Out First In First Out Now wehaveallocatedthecosttoall1 200unitsinendinginventory First In First Out Now wehaveallocatedthecosttoall1 050unitssold First In First Out HereisthecostofendinginventoryandcostofgoodssoldusingFIFO Last In First OutMethod 后进先出法 EndingInventory CostofGoodsSold OldestCosts RecentCosts Last In First Out Remember Thecostsoftheoldestpurchasesareinendinginventory Startwithbeginninginventoryandaddunitspurchaseduntilyoureachthenumberinendinginventory Last In First Out Last In First Out Now wehaveallocatedthecosttoall1 200unitsinendinginventory Last In First Out Now wehaveallocatedthecosttoall1 050unitssold AverageCostMethod 加权成本法 AveragecostperunitCostofgoodsavailableforsaleNumberofunitsavailableforsaleEndingInventoryUnitsinEndingInventory AveragecostperUnitCostofGoodSoldUnitsSold AveragecostperUnit AverageCostMethod AverageCostMethod LearningObjectives Comparisonofmethods Decidewhentheuseofdifferentinventorycostingmethodsisbeneficialtoacompany LO3 ComparisonofMethods AdvantagesofMethods First In First Out Last In First Out WeightedAverage SpecificIdentification mostaccurate buthighcost ComparisonofMethods ComparisonofMethods Inperiodsofrisingprices FIFOresultsinthehighestendinginventory grossprofit taxexpense andnetincome andthelowestcostofgoodssold Inperiodsofrisingprices LIFOresultsinthelowestendinginventory grossprofit taxexpense andnetincome andthehighestcostofgoodssold ManagersChoiceofInventoryMethods NetIncomeEffectsManagersprefertoreporthigherearningsfortheircompanies IncomeTaxEffectsManagersprefertopaytheleastamountoftaxesallowedbylawaslateaspossible ChoosingInventoryCostingMethods LIFOforbooks LIFOfortaxes If Then LIFOConformityRule COGSrelation BI Purchase EI COGSBI Purchase GASFourinventorycostingmethodsSpecificidentification mostaccurate buthighcost Firstin firstout moreaccurateforEI Lastin firstout moreaccurateforCOGS Weightedaverage smoothoutpricechanges ComparisonofmethodsAdvantagesEffectsonIS BS Inperiodsofrisingprices FIFOresultsinthehighestEI grossprofit taxexpense andnetincome andthelowestCOGS Summary LearningObjectives Comparecompaniesthatusedifferentinventorycostingmethods LO4 InventoryMethodsandFinancialStatementAnalysis U S publiccompaniesusingLIFOalsoreportbeginningandendinginventoryonaFIFObasisiftheFIFOvaluesaremateriallydifferent BIFIFO Purchase EIFIFO COGSFIFOBILIFO Purchase EILIFO COGSLIFO InventoryMethodsandFinancialStatementAnalysis LIFOReserve FIFOinventory LIFOinventory BIFIFO Purchase EIFIFO COGSFIFOBILIFO Purchase EILIFO COGSLIFO COGSunderFIFO COGSunderLIFO DifferenceinCOGS InventoryCostingMethodsandFinancialStatementAnalysis COGSunderLIFO 15 000EndingInventoryunderLIFO 21 000Thefollowinginformationaredisclosedinthefootnotesin2006financialreports Dec 31 2006Dec 31 2005LIFOReserve 4 000 1 000HowmuchwouldbereportedasCOGSandEndingInventoryunderFIFO LIFOandInternationalComparisons LIFOPermitted Singapore Canada GreatBritain Australia ChinaNo since2007 LearningObjectives Reportinventoryatthelowerofcostormarket LCM 成本与市价孰低法 LO5 ValuationatLowerofCostorMarket Endinginventoryisreportedatthelowerofcostormarket LCM Thecompanywillrecognizea holding lossinthecurrentperiodratherthantheperiodinwhichtheitemissold Thispracticeisconservative Marketiseither NetRealizableValueTheexpectedsalespricelesssellingcosts or ReplacementCostThecurrentpurchasepriceofidenticalgoods ValuationatLowerofCostorMarket LearningObjectives Evaluateinventorymanagementusingtheinventoryturnoverratio 存货周转率 LO6 InventoryTurnover CostofGoodsSold AverageInventory AverageInventoryis BeginningInventory EndingInventory 2 Measuretheliquidityofinventory Ahigherratioindicatesthatinventorymovesmorequicklythusreducingstorageandobsolescencecosts Thisratioreflectshowmanytimesaverageinventorywasproducedandsoldduringtheperiod InventoryTurnover 存货周转率 InventoryTurnover 1 915 547 191 931 168 616 2 10 6 The2006inventoryturnoverratioforcompanyA CompanyAreported2006COGSof 1 915 547 December31 2005 inventorieswere 191 931andDecember31 2006 inventorieswere 168 616 LearningObjectives Analyzetheeffectsofinventoryerrorsonfinancialstatementsandunderstandmethodsforkeepingtrackofinventory LO7 ErrorsinMeasuringInventory Ifthe2002endinginventoryisunderstatedby 3 000 whichofthefollowingistruefor2002 a BeginningInventorywasunderstated b CostofGoodsSoldwillbeunderstated c GrossProfitwillbeoverstated d NetIncomewillbeunderstated ErrorsinMeasuringInventory Ifthe2002endinginventoryisunderstatedby 3 000 whichofthefollowingistruefor2003 a BeginningInventorywasunderstated b CostofGoodsSoldwillbeunderstated c GrossProfitwillbeoverstated d Alloftheabove ErrorsinMeasuringInventory PerpetualandPeriodicInventorySystems Providesup to dateinventoryrecords Providesup to datecostofsalesrecords PerpetualSystem永续盘存制 PerpetualandPeriodicInventorySystems Inventoryiscountedonlyattheendofperiod Costofgoodssoldisdeterminedonlywheninventorycountiscompletedattheendofeachperiod PeriodicSystem定期盘存制 PerpetualInventorySystem PeriodicInventorySystem PerpetualandPeriodicInventorySystems MethodsforEst