Inventory.ppt
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by the terms of sale (銷貨條件).
Determining Inventory Quantities
Goods in Transit
Illustration 6-1 Terms of sale
Ownership of the goods passes to the buyer when the
Chapter 6 Inventories (存貨)
Instructor: Chih-Liang Julian Liu Department of Industrial and Business Management Chang Gunng Objectives
at end of the accounting period.
Determining Inventory Quantities
Determining Ownership of Goods (商品所有權) Goods in Transit (在途存貨)
Purchased goods not yet received.
Question
Goods in transit should be included in the inventory of the buyer when the:
a. public carrier accepts the goods from the seller.
b. goods reach the buyer. c. terms of sale are FOB destination. d. terms of sale are FOB shipping point.
Chapter 6 Inventories
1. Describe the steps in determining inventory quantities (存貨數量).
2. Explain the accounting for inventories and apply the inventory cost flow methods (存貨成本 流動方法).
public carrier accepts the goods from the seller.
Ownership of the goods remains with the seller until the
goods reach the buyer.
Determining Inventory Quantities
Physical Inventory (實地盤點存貨) taken for two reasons:
Perpetual System
1. Check accuracy of inventory records (存貨紀錄正確性). 2. Determine amount of inventory lost (wasted raw
materials, shoplifting, or employee theft).
Periodic System
1. Determine the inventory on hand (庫存存貨). 2. Determine the cost of goods sold for the period.
3. Explain the financial effects of the inventory cost flow assumptions.
Learning Objectives
Chapter 6 Inventories
4. Explain the lower-of-cost-or-net realizable value (成本與淨現值熟低) basis of accounting for inventories.
Determining Inventory Quantities
Taking a Physical Inventory
Involves counting, weighing, or measuring each kind of inventory on hand. Taken,
when the business is closed or business is slow.
Sold goods not yet delivered.
Goods in transit should be included in the inventory of the company that has legal title (法 律所有權) to the goods. Legal title is determined
Hargrove Company
• 20,000 units of inventory on hand. • Goods in transit: • (1) sales of 1,500 units shipped FOB
5. Indicate the effects of inventory errors on the financial statements.
6. Compute and interpret the inventory turnover ratio (存貨週轉率).
Preview of Chapter 6
Classifying Inventory
Merchandising Company
One Classification: Inventory (存貨)
Manufacturing Company
Three Classifications: Raw Materials (原料) Work in Process (在製品) Finished Goods (製成品)
Regardless of the classification, companies report all inventories under Current Assets (流動資產) on the
Statement of Financial Position.
Determining Inventory Quantities
Determining Inventory Quantities
Goods in Transit
Illustration 6-1 Terms of sale
Ownership of the goods passes to the buyer when the
Chapter 6 Inventories (存貨)
Instructor: Chih-Liang Julian Liu Department of Industrial and Business Management Chang Gunng Objectives
at end of the accounting period.
Determining Inventory Quantities
Determining Ownership of Goods (商品所有權) Goods in Transit (在途存貨)
Purchased goods not yet received.
Question
Goods in transit should be included in the inventory of the buyer when the:
a. public carrier accepts the goods from the seller.
b. goods reach the buyer. c. terms of sale are FOB destination. d. terms of sale are FOB shipping point.
Chapter 6 Inventories
1. Describe the steps in determining inventory quantities (存貨數量).
2. Explain the accounting for inventories and apply the inventory cost flow methods (存貨成本 流動方法).
public carrier accepts the goods from the seller.
Ownership of the goods remains with the seller until the
goods reach the buyer.
Determining Inventory Quantities
Physical Inventory (實地盤點存貨) taken for two reasons:
Perpetual System
1. Check accuracy of inventory records (存貨紀錄正確性). 2. Determine amount of inventory lost (wasted raw
materials, shoplifting, or employee theft).
Periodic System
1. Determine the inventory on hand (庫存存貨). 2. Determine the cost of goods sold for the period.
3. Explain the financial effects of the inventory cost flow assumptions.
Learning Objectives
Chapter 6 Inventories
4. Explain the lower-of-cost-or-net realizable value (成本與淨現值熟低) basis of accounting for inventories.
Determining Inventory Quantities
Taking a Physical Inventory
Involves counting, weighing, or measuring each kind of inventory on hand. Taken,
when the business is closed or business is slow.
Sold goods not yet delivered.
Goods in transit should be included in the inventory of the company that has legal title (法 律所有權) to the goods. Legal title is determined
Hargrove Company
• 20,000 units of inventory on hand. • Goods in transit: • (1) sales of 1,500 units shipped FOB
5. Indicate the effects of inventory errors on the financial statements.
6. Compute and interpret the inventory turnover ratio (存貨週轉率).
Preview of Chapter 6
Classifying Inventory
Merchandising Company
One Classification: Inventory (存貨)
Manufacturing Company
Three Classifications: Raw Materials (原料) Work in Process (在製品) Finished Goods (製成品)
Regardless of the classification, companies report all inventories under Current Assets (流動資產) on the
Statement of Financial Position.
Determining Inventory Quantities