mba会计教材chap08~1.ppt

,Chapter8,InventoriesandtheCostofGoodsSold,InventoryDefined,Goodsownedandheldforsaletocustomers,Currentasset,Inventory,TheFlowofInventoryCosts,Purchasecost(ormanufacturingcosts),asincurred,asgoodsaresold,TheFlowofInventoryCosts,Inaperpetualinventorysystem,inventoryentriesparalleltheflowofcosts.,WhichUnitDidWeSell?DoesItReallyMatter?,Whenidenticalunitsofinventoryhavedifferentunitcosts,aquestionnaturallyarisesastowhichofthesecostsshouldbeusedinrecordingasaleofinventory.,InventorySubsidiaryLedger,Aseparatesubsidiaryaccountismaintainedforeachitemininventory.,HowcanwedeterminetheunitcostfortheSept.10sale?,Specificidentification,LIFO,Averagecost,FIFO,Todeterminethecostofinventorysold,accountantsuseoneofthefollowinginventoryvaluationmethods.,InformationfortheFollowingInventoryExamples,TheBikeCompany(TBC),SpecificIdentification,Whenunitsaresold,thespecificcostoftheunitsoldisaddedtocostofgoodssold.,SpecificIdentificationExample,OnAugust14,TBCsold20bikesfor$130each.Ninebikesoriginallycost$91and11bikesoriginallycost$106.,SpecificIdentificationExample,TheCostofGoodsSoldfortheAugust14saleis$1,985,leaving$515and5unitsininventory.,Let抯lookattheentriesfortheAug.14sale.,SpecificIdentificationExample,Retail,Cost,Asimilarentryismadeaftereachsale.,SpecificIdentificationExample,AdditionalpurchasesweremadeonAugust17and28.CostsassociatedwithsalesonAugust31wereasfollows:1$91,3$106,15$115,&4$119.,SpecificIdentificationExample,CostofGoodsSoldforAugust31=$2,610,BalanceSheetInventory=$1,395,IncomeStatementCOGS=$4,595,SpecificIdentificationExample,Sincespecificidentificationissoeasy,canntweuseitallthetime?,Notreally.Specificidentificationishardtousewhenwesellalotofinventorythathaslotsofdifferentcosts.,Average-CostMethod,Whenaunitissold,theaveragecostofeachunitininventoryisassignedtocostofgoodssold.,Average-CostMethodExample,OnAugust14,TBCsold20bikesfor$130each.,$100=$2,50025,Average-CostMethodExample,Theaveragecostperunitmustbecomputedpriortoeachsale.,$100=$2,50025,Average-CostMethodExample,Theaveragecostperunitis$100.,LetslookattheentriesfortheAug.14sale.,Average-CostMethodExample,Retail,Cost,Asimilarentryismadeaftereachsale.,AdditionalpurchasesweremadeonAugust17andAugust28.OnAugust31,anadditional23unitsweresold.,Average-CostMethodExample,$114=$3,99035,Average-CostMethodExample,Average-CostMethodExample,$114=$3,99035,Theaveragecostperunitis$114.,IncomeStatementCOGS=$4,622,Average-CostMethodExample,BalanceSheetInventory=$1,368,$114?12=$1,368,First-In,First-OutMethod(FIFO),CostsofGoodsSold,OldestCosts,FIFOExample,OnAugust14,TBCsold20bikesfor$130each.,FIFOExample,TheCostofGoodsSoldfortheAugust14saleis$1,970,leaving$530and5unitsininventory.,LetslookattheentriesfortheAug.14sale.,FIFOExample,Retail,Cost,Asimilarentryismadeaftereachsale.,AdditionalpurchasesweremadeonAugust17andAugust28.OnAugust31,anadditional23unitsweresold.,FIFOExample,Continue,FIFOExample,CostofGoodsSoldforAugust31=$2,600,FIFOExample,BalanceSheetInventory=$1,420,IncomeStatementCOGS=$4,570,Last-In,First-OutMethod(LIFO),CostsofGoodsSold,RecentCosts,EndingInventory,OldestCosts,OnAugust14,TBCsold20bikesfor$130each.,LIFOExample,LIFOExample,TheCostofGoodsSoldfortheAugust14saleis$2,045,leaving$455and5unitsininventory.,LetslookattheentriesfortheAug.14sale.,LIFOExample,Retail,Cost,Asimilarentryismadeaftereachsale.,LIFOExample,AdditionalpurchasesweremadeonAugust17andAugust28.OnAugust31,anadditional23unitsweresold.,Continue,LIFOExample,CostofGoodsSoldforAugust31=$2,685,LIFOExample,BalanceSheetInventory=$1,260,IncomeStatementCOGS=$4,730,ThePrincipleofConsistency,Onceacompanyhasadoptedaparticularaccountingmethod,itshouldfollowthatmethodconsistently,ratherthanswitchmethodsfromoneyeartothenext.,Just-In-Time(JIT)InventorySystems,Thisinventoryarrivedjustintimeforustouseinthemanufacturingprocess.,TakingaPhysicalInventory,Theprimaryreasonfortakingaphysicalinventoryistoadjusttheperpetualinventoryrecordsforunrecordedshrinkagelosses,suchastheft,spoilage,orbreakage.,LCMandOtherWrite-DownsofInventory,Reducesthevalueoftheinventory.,Obsolescence,Adjustinventoryvaluetothelowerofhistoricalcostorcurrentreplacementcost(market).,LowerofCostorMarket(LCM),GoodsInTransit,YearEnd,Asaleshouldberecordedwhentitletothemerchandisepassestothebuyer.,F.O.B.shippingpointtitlepassestobuyeratthepointofshipment.,F.O.B.destinationpointtitlepassestobuyeratthepointofdestination.,PeriodicInventorySystems,Inaperiodicinventorysystem,inventoryentriesareasfollows.,Notethatanentryisnotmadetoinventory.,PeriodicInventorySystems,Inaperiodicinventorysystem,inventoryentriesareasfollows.,PeriodicInventorySystems,Theinventoryonhandandthecostofgoodssoldfortheyeararenotdetermineduntilyear-end.,Specificidentification,LIFO,Averagecost,FIFO,Accountantsuseoneofthefollowinginventoryvaluationmethodsinaperiodicinventorysystem.,InformationfortheFollowingInventoryExamples,SpecificIdentificationExample,Byreviewingactualpurchaseinvoices,Computers,Inc.determinesthatthe1,200mousepadsonhandatyear-endhaveanactualtotalcostof$6,400.Determinethecostofgoodssoldfortheyear.,SpecificIdentificationExample,CostofGoodsSold$9,725-$6,400=$3,325,Nowletsmoveontotheaverage-costvaluationmethod.,Average-CostMethod,Theaveragecostiscalculatedatyear-endasfollows:,Average-CostMethodExample,Avg.Cost$5.40278=$9,7251,800,Average-CostMethodExample,EndingInventoryAvg.Cost$5.402781,200=$6,483,CostofGoodsSoldAvg.Cost$5.40278600=$3,242,First-In,First-OutMethod(FIFO),CostsofGoodsSold,OldestCosts,FIFOExample,Remember:Startwiththe11/29purchaseandthenaddotherpurchasesuntilyoureachthenumberofunitsinendinginventory.,FIFOExample,Now,letscompletethetable.,FIFOExample,Now,wehaveallocatedthecosttoall1,200unitsinendinginventory.,FIFOExample,ANYQUESTIONSBEFOREWEDISCUSSLIFO?,Last-In,First-OutMethod(LIFO),CostsofGoodsSold,RecentCosts,EndingInventory,OldestCosts,LIFOExample,Remember:Startwithbeginninginventoryandthenaddotherpurchasesuntilyoureachthenumberofunitsinendinginventory.,LIFOExample,LIFOExample,Now,wehaveallocatedthecosttoall1,200unitsinendinginventory.,Next,letscompletethetable.,LIFOExample,ImportanceofanAccurateValuationofInventory,Anerrorinendinginventoryinayearwillresultinthesameerrorinthebeginninginventoryofthenextyear.,Forinterimfinancialstatements,wemayneedtoestimateendinginventoryandcostofgoodssold.,TheGrossProfitMethod,Determinecostofgoodsavailableforsale.Estimatecostofgoodssoldbymultiplyingthenetsalesbythecostratio.Deductcostofgoodssoldfromcostofgoodsavailableforsaletodetermineendi