会计学第六章

PrinciplesofAccounting JohnJ.WildKenW.ShawBarbaraChiappetta19thEditionMcGraw-Hill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.Allrightsreserved.会计学原理Chapter5InventoriesandCostofSalesConceptualChapterObjectivesC1:Identifytheitemsmakingupmerchandiseinventory.C2:Identifythecostsofmerchandiseinventory.5-3AnalyticalChapterObjectivesA1:Analyzetheeffectsofinventorymethodsforbothfinancialandtaxreporting.A2:Analyzetheeffectsofinventoryerrorsoncurrentandfuturefinancialstatements.5-4ProceduralChapterObjectivesP1:Computeinventoryinaperpetualsystemusingthemethodsofspecificidentification,FIFO,LIFO,andweightedaverage.P2:Computethelowerofcostormarketamountofinventory-LCMP3:Appendix5A:Computeinventoryinaperiodicsystemusingthemethodsofspecificidentification,FIFO,LIFO,andweightedaverage.5-5DeterminingInventoryItemsMerchandiseinventoryincludesallgoodsthatacompanyownsandholdsforsale,regardlessofwherethegoodsarelocatedwheninventoryiscounted.Itemsrequiringspecialattentioninclude:GoodsinTransitGoodsDamagedorObsoleteGoodsonConsignmentC15-6寄售商品GoodsinTransit——transportationcosts?C15-7InventoryItemsGoodsonConsignment-寄售商品Theowner/consignor（寄售人）shipsthegoodstotheconsignee（承销人）,whosellsgoodsfortheowner.-Theconsignorcontinuestoowntheconsignedgoodsandreportstheminitsinventory.GoodsDamagedorObsolete-受损或过时商品notcountedininventory,ifcannotbesold;Includedininventory,ifcanbesoldatareducedprice-recordedatnetrealizablevalue[salesprice－thecostofmakingthesale]（可实现净值）C15-8DeterminingInventoryCostsInvoiceCostIncludeallexpendituresnecessaryandreasonabletobringanitemtoasalableconditionandlocation.MinusDiscountsandAllowancesPlusImportDutiesPlusFreightPlusStoragePlusInsuranceC25-9InternalControlsandTakingaPhysicalCount实物盘点Mostcompaniestakeaphysicalcountofinventoryatleastonceeachyear.WhenthephysicalcountdoesnotmatchtheMerchandiseInventoryaccount,anadjustmentmustbemade.C25-10InternalControlsandTakingaPhysicalCountThepurposeofaphysicalcount–ToadjusttheInventoryaccountbalancetotheactualinventoryavailableInternalcontrolsappliedusually–Pre-numberedinventoryticketsCounters-assignedtoanddonotincludethoseresponsibleforinventory.Counters-confirmthevalidityofinventory.Asecondcount-byadifferentcounter.Amanagerconfirms-allinventoriesareticketedonce,andonlyonce.C25-11InventoryCostingUnderaPerpetualSystemManagementdecisionsrequiredItemsincludedininventoryandtheircostsCostingMethodSpecificIdentification,FIFO,LIFO,orWeightedAverageInventorySystemPerpetualorPeriodicUseofmarketvaluesorotherestimatesP15-12Accountingforinventory,todecide–-Howmuchofthecostofgoodsavailableforsaleisdeductedfromsalesandhowmuchiscarriedforwardasinventoryandmatchedagainstfuturesales.FrequencyinUseofInventoryCostingMethodsP15-13Oneofthemostimportantissuesistodeterminetheperunitcostsassignedtoinventoryitems,whenidenticalitemsarepurchasedatdifferentcosts.Eachmethodassumesaparticularpatternforhowcostsflowthroughinventory.InventoryCostFlowAssumptionsFirst-In,First-Out(FIFO)Assumescostsflowintheorderacquired.Last-In,First-Out(LIFO)Assumescostsflowinthereverseorderacquired.WeightedAverageAssumescostsflowatanaverageofthecostsavailable.P15-14Costflowassumptionsmarkedlyimpactgrossprofitandinventorynumbers.InventoryCostingIllustrationP15-15SpecificIdentificationTheabovepurchasesweremadeinAugust.OnAugust14,acompanysold8bikesoriginallycosting$91and12bikesoriginallycosting$106.P15-16Wheneachitemininventorycanbeidentifiedwithaspecificpurchaseandinvoice,wecanusethismethodtoassigncosts.TheCostofGoodsSoldforthe20bikesoldontheAugust14saleis$2,000. 8bikes@91= $728 12bikes@106= $1,272Afterthissale,therearefiveunitsininventoryat$500: 2bikes@$91=$182 3bikes@$106=$318SpecificIdentificationP15-17AdditionalpurchasesweremadeonAugust17and28.Thecostofthe23itemssoldonAugust31wereasfollows:2@$913@$10615@$1153@$119SpecificIdentificationP15-18SpecificIdentificationP15-19SpecificIdentificationHerearetheentriestorecordthepurchasesandsales.Numbersinredaredeterminedbythecostflowassumptionused.Allpurchasesandsalesaremadeoncredit.Thesellingpriceofinventorywasasfollows:8/14$1308/31150P15-20First-In,First-Out(FIFO)TheabovepurchasesweremadeinAugust.OnAugust14,thecompanysold20bikes.P15-21Assume-inventoryitemsaresoldintheorderacquired.First-In,First-Out(FIFO)TheCostofGoodsSoldfortheAugust14saleis$1,970.Afterthissale,therearefiveunitsininventoryat$530:5@$106P15-22First-In,First-Out(FIFO)P15-23First-In,First-Out(FIFO)P15-24First-In,First-Out(FIFO)Herearetheentriestorecordthepurchasesandsalesentries.Thenumbersinredaredeterminedbythecostflowassumptionused.Allpurchasesandsalesaremadeoncredit.Thesellingpriceofinventorywasasfollows:8/14$1308/31150P15-25Last-In,First-Out(LIFO)TheabovepurchasesweremadeinAugust.OnAugust14,thecompanysold20bikes.P15-26Assume–themostrecentpurchasesaresoldfirst.Last-In,First-Out(LIFO)TheCostofGoodsSoldfortheAugust14saleis$2,045.Afterthissale,therearefiveunitsininventoryat$455:5@$91P15-27Last-In,First-Out(LIFO)P15-285@$91+7@$115=$1,260Last-In,First-Out(LIFO)P15-29Last-In,First-Out(LIFO)Herearetheentriestorecordthepurchasesandsalesentries.Thenumbersinredaredeterminedbythecostflowassumptionused.Allpurchasesandsalesaremadeoncredit.Thesellingpriceofinventorywasasfollows:8/14$1308/31150P15-30WeightedAverage Whenaunitissold,theaveragecostofeachunitininventoryisassignedtocostofgoodssold.P15-31WAcostperunitatthetimeofeachsale:WeightedAverageFirst,weneedtocomputetheweightedaveragecostperunitofitemsininventory.P1TheCostofGoodsSoldfortheAugust14saleis$2,000.Afterthissale,therearefiveunitsininventoryat$500:5-32WeightedAverageAdditionalpurchasesweremadeonAugust17and28.Twenty-threebikesweresoldonAugust31.Whatistheweightedaveragecostperunitofitemsininventory?P15-33WeightedAverageP15-34WeightedAverageP1Endinginventoryiscomprisedof12units@anaveragecostof$114eachor$1,368.5-35WeightedAverageP15-36WeightedAverageHerearetheentriestorecordthepurchasesandsalesentriesforTrekking.Thenumbersinredaredeterminedbythecostflowassumptionused.Allpurchasesandsalesaremadeoncredit.Thesellingpriceofinventorywasasfollows:8/14$1308/31150P15-37FinancialStatementEffectsofCostingMethodsBecausepriceschange,differentinventorymethodsnearlyalwaysassigndifferentcostamounts.A15-38FinancialStatementEffectsofCostingMethodsAdvantagesofMethodsFirst-In,First-OutWeightedAverageLast-In,First-OutA15-39TaxEffectsofCostingMethodsTheInternalRevenueService(IRS)identifiesseveralacceptablemethodsforinventorycostingforreportingtaxableincome.IfLIFOisusedfortaxpurposes,theIRSrequiresitbeusedinfinancialstatements.A15-40ConsistencyinUsingCostingMethodsTheconsistencyconceptrequiresacompanytousethesameaccountingmethodsperiodafterperiodsothatfinancialstatementsarecomparableacrossperiods.A15-41Theonlyexception-whenachangefromonemethodtoanotherwillimproveitsfinancialreporting.LowerofCostorMarketInventorymustbereportedatmarketvaluewhenmarketislowerthancost.Canbeappliedthreeways:(1) separatelytoeach individualitem.(2) tomajorcategoriesof assets.(3) tothewholeinventory.P25-42Whenrecordedcostofinventoryishigherthanthereplacementcost,alossisrecognized.Otherwise,noadjustmentmade.LowerofCostorMarketAmotorsportsretailerhasthefollowingitemsininventory:P25-43LowerofCostorMarketHereishowtocomputelowerofcostormarketforindividualinventoryitems.P25-44Dr:CostofGoodsSoldCr:MerchandiseInv.LowerofCostorMarketHereishowtocomputelowerofcostormarketforthetwogroupsofinventoryitems.P25-45LowerofCostorMarketHereishowtocomputelowerofcostormarketfortheentireinventory.P25-46LowerofCostorMarketAccountingrulesrequiresthatInventorybeadjustedtomarketwhenmarketislessthancosts,butinventorynormallycannotbewrittenuptomarketwhenmarketexceedscost.Againfromamarketincreaseshouldnotberealizeduntilasalestransactionverifiesthegain.ConservatismConstraint-tousethelessoptimisticamountwhenmorethanoneestimateoftheamounttobereceivedorpaidexists.FinancialStatementEffectsofInventoryErrorsIncomeStatementEffectsA25-48FinancialStatementEffectsofInventoryErrorsBalanceSheetEffectsA25-49EndofChapter55-50