會計學(xué)原理英文課件：Chapter_06 Inventories and Cost of Sales

1、 2009 The McGraw-Hill Companies, Inc., 2009 The McGraw-Hill Companies, Inc., All Rights ReservedAll Rights ReservedINVENTORIES AND COST OF SALESChapter 6McGraw-Hill/IrwinSlide 2McGraw-Hill/IrwinSlide 2DETERMINING INVENTORY ITEMSGoods in TransitGoods Damaged or ObsoleteGoods on ConsignmentC 1McGraw-H

2、ill/IrwinSlide 3McGraw-Hill/IrwinSlide 3FOB Destination PointPublic CarrierSellerBuyerGOODS IN TRANSITPublic CarrierSellerBuyerFOB Shipping PointOwnership passes to the buyer here.C 1McGraw-Hill/IrwinSlide 4McGraw-Hill/IrwinSlide 4GOODS ON CONSIGNMENTConsignorConsigneeThanks for selling my inventory

3、 in your store.C 1McGraw-Hill/IrwinSlide 5McGraw-Hill/IrwinSlide 5GOODS DAMAGED OR OBSOLETEC 1McGraw-Hill/IrwinSlide 6McGraw-Hill/IrwinSlide 6DETERMINING INVENTORY COSTSInvoice CostMinus Discounts and AllowancesPlus Import DutiesPlus FreightPlus StoragePlus InsuranceC 2McGraw-Hill/IrwinSlide 7McGraw

4、-Hill/IrwinSlide 7INTERNAL CONTROLS AND TAKING APHYSICAL COUNTMost 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.Good internal controls over count include:1.Pre-numbered invent

5、ory tickets.2.Counters have no inventory responsibility.3.Counts confirm existence, amount, andquality of inventory item.4.Second count is taken.5.Manager confirms all items counted.C 2McGraw-Hill/IrwinSlide 8McGraw-Hill/IrwinSlide 8INVENTORY COSTING UNDER A PERPETUAL SYSTEMBalance SheetIncome State

6、mentP1McGraw-Hill/IrwinSlide 9McGraw-Hill/IrwinSlide 9INVENTORY COST FLOW ASSUMPTIONSP1McGraw-Hill/IrwinSlide 10McGraw-Hill/IrwinSlide 10INVENTORY COST FLOW ASSUMPTIONSP1McGraw-Hill/IrwinSlide 11McGraw-Hill/IrwinSlide 11INVENTORY COSTING ILLUSTRATIONDate ActivityUnits Acquired at Cost Units Sold at

7、RetailUnit Inv. Aug. 1 Beg. Inventory10units $ 91 = $ 910 10 Aug. 3 Purchased15units $ 106 = $ 1,590 25 Aug. 14 Sales 20 units $130 5 Aug. 17 Purchased20units $ 115 = $ 2,300 25 Aug. 28 Purchased10units $ 119 = $ 1,190 35 Aug. 31 Sales 23 units $150 12 Totals 55 $5,990 43 Here is information about t

8、he mountain bike inventory of Trekking for the month of August.P1McGraw-Hill/IrwinSlide 12McGraw-Hill/IrwinSlide 12SPECIFIC IDENTIFICATIONWhen units are sold, the specific cost of the units sold is added to cost of goods sold.8 bikes $ 91 = $ 728 12 bikes 106 = 1,272 Cost of goods sold= $ 2,000 Trek

9、king sold 20 bikes on August 14th with the following costs:The 23 bikes sold on August 31st had the following costs:2 bikes $ 91 = $ 182 3 bikes 106 = 318 15 bikes 115 = 1,725 3 bikes 119 = 357 Cost of goods sold= $ 2,582 P1McGraw-Hill/IrwinSlide 13McGraw-Hill/IrwinSlide 13SPECIFIC IDENTIFICATIONP1I

10、ncome Statement Cost of Goods SoldBalance Sheet InventoryMcGraw-Hill/IrwinSlide 14McGraw-Hill/IrwinSlide 14SPECIFIC IDENTIFICATIONAll purchases and sales are made on credit.The selling price of inventory was as follows: 8/14 $130 8/31 150P1McGraw-Hill/IrwinSlide 15McGraw-Hill/IrwinSlide 15FIRST-IN,

11、FIRST-OUT (FIFO)Cost of Goods SoldEnding InventoryOldest CostsRecent CostsP1McGraw-Hill/IrwinSlide 16McGraw-Hill/IrwinSlide 16FIRST-IN, FIRST-OUT (FIFO) The Cost of Goods Sold for the August 14 sale is $1,970. After this sale, there are 5 units in inventory at $530 (5 $106) P1McGraw-Hill/IrwinSlide

12、17McGraw-Hill/IrwinSlide 17FIRST-IN, FIRST-OUT (FIFO) Cost of Goods Sold for August 31 = $2,600On August 31st, there are 12 units in inventory at $1,420 (2 $115 + 10 $119). P1McGraw-Hill/IrwinSlide 18McGraw-Hill/IrwinSlide 18FIRST-IN, FIRST-OUT (FIFO) Here are the entries to record the purchases and

13、 sales entries. The numbers in red are determined by the cost flow assumption used.All purchases and sales are made on credit.The selling price of inventory was as follows: 8/14 $130 8/31 150P1McGraw-Hill/IrwinSlide 19McGraw-Hill/IrwinSlide 19LAST-IN, FIRST-OUT (LIFO)Cost of Goods SoldEnding Invento

14、ryRecent CostsOldest CostsP1McGraw-Hill/IrwinSlide 20McGraw-Hill/IrwinSlide 20LAST-IN, FIRST-OUT (LIFO) The Cost of Goods Sold for the August 14 sale is $2,045. After this sale, there are 5 units in inventory at $455 (5 $91)P1McGraw-Hill/IrwinSlide 21McGraw-Hill/IrwinSlide 21LAST-IN, FIRST-OUT (LIFO

15、) Cost of Goods Sold for August 31 = $2,685On August 31st, there are 12 units in inventory at $1,260: (5 $91 +,7 $115). P1McGraw-Hill/IrwinSlide 22McGraw-Hill/IrwinSlide 22LAST-IN, FIRST-OUT (LIFO) Here are the entries to record the purchases and sales entries. The numbers in red are determined by t

16、he cost flow assumption used.All purchases and sales are made on credit.The selling price of inventory was as follows: 8/14 $130 8/31 150P1McGraw-Hill/IrwinSlide 23McGraw-Hill/IrwinSlide 23WEIGHTED AVERAGEWhen a unit is sold, the average cost of each unit in inventory is assigned to cost of goods so

17、ld. Cost of Goods Available for SaleUnits on hand on the date of saleP1McGraw-Hill/IrwinSlide 24McGraw-Hill/IrwinSlide 24WEIGHTED AVERAGE First, we need to compute the weighted average cost per unit of items in inventory.P1McGraw-Hill/IrwinSlide 25McGraw-Hill/IrwinSlide 25WEIGHTED AVERAGEThe Cost of

18、 Goods Sold for the August 14th sale is $2,000.After this sale, there are 5 units in inventory at $500.P1McGraw-Hill/IrwinSlide 26McGraw-Hill/IrwinSlide 26WEIGHTED AVERAGEP1McGraw-Hill/IrwinSlide 27McGraw-Hill/IrwinSlide 27WEIGHTED AVERAGECost of Goods Sold for August 31 = $2,622After the August 31

19、sale, there are 12 units in inventory at $1,368: (12 $114)P1McGraw-Hill/IrwinSlide 28McGraw-Hill/IrwinSlide 28WEIGHTED AVERAGEHere are the entries to record the purchases and sales entries for Trekking. The numbers in red are determined by the cost flow assumption used.All purchases and sales are ma

20、de on credit.The selling price of inventory was as follows: 8/14 $130 8/31 150P1McGraw-Hill/IrwinSlide 29McGraw-Hill/IrwinSlide 29FINANCIAL STATEMENT EFFECTSOF COSTING METHODSBecause prices change, inventory methods nearly always assign different cost amounts.A1McGraw-Hill/IrwinSlide 30McGraw-Hill/I

21、rwinSlide 30FINANCIAL STATEMENT EFFECTSOF COSTING METHODSA1McGraw-Hill/IrwinSlide 31McGraw-Hill/IrwinSlide 31TAX EFFECTS OF COSTING METHODSA1McGraw-Hill/IrwinSlide 32McGraw-Hill/IrwinSlide 32CONSISTENCY IN USING COSTING METHODSA1McGraw-Hill/IrwinSlide 33McGraw-Hill/IrwinSlide 33LOWER OF COST OR MARKETP2McGraw-Hill/IrwinSlide 34McGraw-Hill/IrwinSlide 34LOWER OF COST OR MARKETP2McGraw-Hill/IrwinSlide 35McGraw-Hill/IrwinSlide 35LOWER OF COST OR MARKETP2McGraw-Hill/IrwinSlide 36McGraw-Hill/