会计学第六章
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Cost flow assumptions markedly impact gross profit and inventory numbers.
5-14
Weighted Average
P1
Inventory Costing Illustration
Cost of Goods Available Aug. 1 Beg. Inventory Aug. 3 Purchased Aug. 17 Purchased Aug. 28 Purchased Retail Sales of Goods Aug. 14 Sales Aug. 31 Sales for Sale 10 units 15 units 20 units 10 units
Principles of Accounting
会计学原理
John J. Wild Ken W. Shaw Barbara Chiappetta 19th Edition
McGraw-Hill/Irwin
Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
Goods on Consignment-寄售商品
The owner/consignor（寄售人） ships the goods to the consignee （承销人）, who sells goods for the owner. -The consignor continues to own the consigned goods and reports them in its inventory.
$ 1,404
5-16
P1
Specific Identification
Purchases
10 15 @ @ $ 91 $ 106 = = $ 910 8 @ $ 91 = $ 728 $ 1,590
Date Aug. 1 Aug. 3 Aug. 14 Aug. 17 Aug. 28 Aug. 31
5-3
Fra Baidu bibliotek
Analytical Chapter Objectives
A1: Analyze the effects of inventory methods for both financial and tax reporting.
A2: Analyze the effects of inventory errors on current and future financial statements.
Inventory System
Use of market values or other estimates
5-12
P1
Frequency in Use of Inventory Costing Methods
FIFO 46%
One of the most important issues LIFO is to determine 30% the per unit costs assigned to inventory items, when identical items are purchased at different costs.
Chapter 5
Inventories and Cost of Sales
Conceptual Chapter Objectives
C1: Identify the items making up merchandise inventory. C2: Identify the costs of merchandise inventory.
Items requiring special attention include:
Goods in Transit
Goods on Consignment
寄售商品
Goods Damaged or Obsolete
5-6
C1
Goods in Transit
——transportation costs?
5-11
P1
Inventory Costing Under a Perpetual System
Accounting for inventory, to decide –
-How much of the cost of goods available for sale is deducted from sales and how much is carried forward as inventory and matched against future sales.
Cost of Goods Sold
@ @ @ @
$ $ $ $
91 106 115 119
= = = =
$ 910 $ 1,590 $ 2,300 $ 1,190
20 units @ $ 130 = 23 units @ $ 150 =
$ 2,600 $ 3,450
5-15
P1
Specific Identification
When each item in inventory can be identified with a specific purchase and invoice, we can use this method to assign costs.
5-4
Procedural Chapter Objectives
P1: Compute inventory in a perpetual system using the methods of specific identification, FIFO, LIFO, and weighted average. P2: Compute the lower of cost or market amount of inventory - LCM P3: Appendix 5A: Compute inventory in a periodic system using the methods of specific identification, FIFO, LIFO, and weighted average.
5-8
C2
Determining Inventory Costs
Include all expenditures necessary and reasonable to bring an item to a salable condition and location.
Minus Discounts and Allowances
5-10
C2
Internal Controls and Taking a Physical Count
The purpose of a physical count –
To adjust the Inventory account balance to the actual inventory available
Internal controls applied usually –
Pre-numbered inventory tickets Counters- assigned to and do not include those responsible for inventory. Counters- confirm the validity of inventory. A second count- by a different counter. A manager confirms- all inventories are ticketed once, and only once.
Inventory Balance $ 910 $ 2,500
12 @ purchases $ 106 = $ 1,272 $ 500 The above were $ 2,300 $ 2,800 made in August. On August $ 1,190 $ 3,990 14, a company sold 8 bikes 2 @ $ 91 = $ 182 3 @ $ 106 = $91 $ and 318 originally costing 12 14 @ $ 115 = $ 1,610 bikes originally costing $106. 4 @ $ 119 = $ 476
Last-In, First-Out (LIFO)
Assumes costs flow in the order acquired.
Assumes costs flow in the reverse order acquired.
Assumes costs flow at an average of the costs available.
Date Aug. 1 Aug. 3 Aug. 14 Aug. 17 Aug. 28 Aug. 31 Purchases
10 @ 15 @ $ 91 = $ 910 8 @ 20 @ 10 @ $ 115 = $ 119 = $ 91 = $ 728 $ 106 = $ 1,590
Cost of Goods Sold
Each method assumes a particular pattern for how costs flow through inventory.
5-13
Weighted Average 20%
Other* 4%
P1
Inventory Cost Flow Assumptions
First-In, First-Out (FIFO)
Invoice Cost
Plus Freight
Plus Insurance
Plus Import Duties
Plus Storage
5-9
C2
Internal Controls and Taking a Physical Count 实物盘点
Most companies take a physical count of inventory at least once each year. When the physical count does not match the Merchandise Inventory account, an adjustment must be made.
Management decisions required
Items included in inventory and their costs Costing Method
Specific Identification, FIFO, LIFO, or Weighted Average Perpetual or Periodic
Goods Damaged or Obsolete-受损或过时商品
not counted in inventory, if cannot be sold;
Included in inventory, if can be sold at a reduced price - recorded at net realizable value [sales price － the cost of making the sale] （可实现净值）
5-5
C1
Determining Inventory Items
Merchandise inventory includes all goods that a company owns and holds for sale, regardless of where the goods are located when inventory is counted.
FOB Shipping Point Public Carrier Seller Ownership passes to the buyer here. Public Carrier Seller FOB Destination Point Buyer
5-7
Buyer
C1
Inventory Items
5-14
Weighted Average
P1
Inventory Costing Illustration
Cost of Goods Available Aug. 1 Beg. Inventory Aug. 3 Purchased Aug. 17 Purchased Aug. 28 Purchased Retail Sales of Goods Aug. 14 Sales Aug. 31 Sales for Sale 10 units 15 units 20 units 10 units
Principles of Accounting
会计学原理
John J. Wild Ken W. Shaw Barbara Chiappetta 19th Edition
McGraw-Hill/Irwin
Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
Goods on Consignment-寄售商品
The owner/consignor（寄售人） ships the goods to the consignee （承销人）, who sells goods for the owner. -The consignor continues to own the consigned goods and reports them in its inventory.
$ 1,404
5-16
P1
Specific Identification
Purchases
10 15 @ @ $ 91 $ 106 = = $ 910 8 @ $ 91 = $ 728 $ 1,590
Date Aug. 1 Aug. 3 Aug. 14 Aug. 17 Aug. 28 Aug. 31
5-3
Fra Baidu bibliotek
Analytical Chapter Objectives
A1: Analyze the effects of inventory methods for both financial and tax reporting.
A2: Analyze the effects of inventory errors on current and future financial statements.
Inventory System
Use of market values or other estimates
5-12
P1
Frequency in Use of Inventory Costing Methods
FIFO 46%
One of the most important issues LIFO is to determine 30% the per unit costs assigned to inventory items, when identical items are purchased at different costs.
Chapter 5
Inventories and Cost of Sales
Conceptual Chapter Objectives
C1: Identify the items making up merchandise inventory. C2: Identify the costs of merchandise inventory.
Items requiring special attention include:
Goods in Transit
Goods on Consignment
寄售商品
Goods Damaged or Obsolete
5-6
C1
Goods in Transit
——transportation costs?
5-11
P1
Inventory Costing Under a Perpetual System
Accounting for inventory, to decide –
-How much of the cost of goods available for sale is deducted from sales and how much is carried forward as inventory and matched against future sales.
Cost of Goods Sold
@ @ @ @
$ $ $ $
91 106 115 119
= = = =
$ 910 $ 1,590 $ 2,300 $ 1,190
20 units @ $ 130 = 23 units @ $ 150 =
$ 2,600 $ 3,450
5-15
P1
Specific Identification
When each item in inventory can be identified with a specific purchase and invoice, we can use this method to assign costs.
5-4
Procedural Chapter Objectives
P1: Compute inventory in a perpetual system using the methods of specific identification, FIFO, LIFO, and weighted average. P2: Compute the lower of cost or market amount of inventory - LCM P3: Appendix 5A: Compute inventory in a periodic system using the methods of specific identification, FIFO, LIFO, and weighted average.
5-8
C2
Determining Inventory Costs
Include all expenditures necessary and reasonable to bring an item to a salable condition and location.
Minus Discounts and Allowances
5-10
C2
Internal Controls and Taking a Physical Count
The purpose of a physical count –
To adjust the Inventory account balance to the actual inventory available
Internal controls applied usually –
Pre-numbered inventory tickets Counters- assigned to and do not include those responsible for inventory. Counters- confirm the validity of inventory. A second count- by a different counter. A manager confirms- all inventories are ticketed once, and only once.
Inventory Balance $ 910 $ 2,500
12 @ purchases $ 106 = $ 1,272 $ 500 The above were $ 2,300 $ 2,800 made in August. On August $ 1,190 $ 3,990 14, a company sold 8 bikes 2 @ $ 91 = $ 182 3 @ $ 106 = $91 $ and 318 originally costing 12 14 @ $ 115 = $ 1,610 bikes originally costing $106. 4 @ $ 119 = $ 476
Last-In, First-Out (LIFO)
Assumes costs flow in the order acquired.
Assumes costs flow in the reverse order acquired.
Assumes costs flow at an average of the costs available.
Date Aug. 1 Aug. 3 Aug. 14 Aug. 17 Aug. 28 Aug. 31 Purchases
10 @ 15 @ $ 91 = $ 910 8 @ 20 @ 10 @ $ 115 = $ 119 = $ 91 = $ 728 $ 106 = $ 1,590
Cost of Goods Sold
Each method assumes a particular pattern for how costs flow through inventory.
5-13
Weighted Average 20%
Other* 4%
P1
Inventory Cost Flow Assumptions
First-In, First-Out (FIFO)
Invoice Cost
Plus Freight
Plus Insurance
Plus Import Duties
Plus Storage
5-9
C2
Internal Controls and Taking a Physical Count 实物盘点
Most companies take a physical count of inventory at least once each year. When the physical count does not match the Merchandise Inventory account, an adjustment must be made.
Management decisions required
Items included in inventory and their costs Costing Method
Specific Identification, FIFO, LIFO, or Weighted Average Perpetual or Periodic
Goods Damaged or Obsolete-受损或过时商品
not counted in inventory, if cannot be sold;
Included in inventory, if can be sold at a reduced price - recorded at net realizable value [sales price － the cost of making the sale] （可实现净值）
5-5
C1
Determining Inventory Items
Merchandise inventory includes all goods that a company owns and holds for sale, regardless of where the goods are located when inventory is counted.
FOB Shipping Point Public Carrier Seller Ownership passes to the buyer here. Public Carrier Seller FOB Destination Point Buyer
5-7
Buyer
C1
Inventory Items