财务会计英文版 09 PPT

9-1Accounting,5/EGUOWEIHUSTMerchandiseInventoryChapter919-2Accounting,5/EGUOWEIHUSTAccountforinventorybytheperpetualandperiodicsystems.Objective129-3Accounting,5/EGUOWEIHUSTPerpetualsystemsmaintainarunningrecordtoshowtheinventoryonhandatalltimes.Periodicsystemsdonotkeepacontinuousrecordofinventoryonhand.InventoryAccountingSystems39-4Accounting,5/EGUOWEIHUSTDebitCashorAccountsReceivableCreditSalesRevenueDebitCostofGoodsSoldCreditInventoryPerpetualSystemDebitInventoryCreditCashorAccountsPayable49-5Accounting,5/EGUOWEIHUSTPerpetualSystemItem:TevaSandalsQuantityQuantityQuantityDateReceivedSoldonHandNov.157122630Totals2525506132140104291641202059-6Accounting,5/EGUOWEIHUSTCostofGoodsSoldBeginningInventory$100,000NetPurchases$560,000CostofGoodsAvailableforSale$660,000+=EndingInventory$120,000=CostofGoodsSold$540,000–69-7Accounting,5/EGUOWEIHUSTSalesrevenues–Costofgoodssold=Grossmargin(beforeoperatingexpenses)Grossmargin–Operatingexpenses=NetincomeGrossProfit79-8Accounting,5/EGUOWEIHUSTCost-of-Goods-SoldModelBudgetedCostofGoodsSoldBudgetedEndingInventory+=ActualBeginningInventory=Purchases–BudgetedCostofGoodsAvailableforSale89-9Accounting,5/EGUOWEIHUSTCostofinventoryonhand=Quantity×unitcostComputingtheCostofInventoryPhysicalcountismadeatleastonceayear,evenwithaperpetualsystem.Consignedgoodsareexcluded.99-10Accounting,5/EGUOWEIHUSTPeriodicSystemAttheendoftheperiodmakeaphysicalcountandapplyunitcosttodetermineendinginventory.Inventorypurchasesaredebitedtothepurchasesaccount.Theinventoryaccountcarriesthebeginninginventorybalanceuntiladjustedatperiodend.109-11Accounting,5/EGUOWEIHUSTAccountsPayableInventory120,000EndingBalancePurchases560,000Purchases100,000BeginningBalanceCostofGoodsSold100,000560,000540,000120,000EndingBalance560,000Purchases560,000Purchases100,000BeginningBalancePeriodicSystem119-12Accounting,5/EGUOWEIHUSTApplytheinventorycostingmethods:specificunitcost,weighted-averagecost,FIFO,andLIFO.Objective2129-13Accounting,5/EGUOWEIHUSTJanuary820units@$20=$400May1955units@$30=$1,650October2325units@$31=$775Totalunits100Unitssold70Unitsleft30UnitsPurchasedin200X139-14Accounting,5/EGUOWEIHUSTUnitssoldbydate:Jan517May1933Oct2320Totalsales7030unitsleftininventoryUnitsSoldandinEndingInventory149-15Accounting,5/EGUOWEIHUSTCostofGoodsSoldOct23$620May19990Jan5340Total$1,950SpecificIdentification20Units@$315Units@$3133Units@$3022Units@$3017Units@$203Units@$20159-16Accounting,5/EGUOWEIHUSTEndingInventoryOct23$155May660Jan60Total$875SpecificIdentification20Units@$315Units@$3133Units@$3022Units@$3017Units@$203Units@$20169-17Accounting,5/EGUOWEIHUSTWeightedAverage25Units@$31(Oct)55Units@$30(May)20Units@$20(Jan)=$775=1,650=400=$2,825TotalCost100TotalUnits179-18Accounting,5/EGUOWEIHUSTWeightedAverage$2,825totalcost/100units=$28.25/unitCostofgoodssold=70×$28.25=$1977.50Endinginventory=30×$28.25=$847.50189-19Accounting,5/EGUOWEIHUSTCostofGoodsSoldJan$400May1,500Total$1,900First-In,First-Out25Units@$31(Oct)5Units@$30(May)50Units@$3020Units@$20(Jan)199-20Accounting,5/EGUOWEIHUSTEndingInventoryOct$775May150Total$925First-In,First-Out25Units@$31(Oct)5Units@$30(May)50Units@$3020Units@$20(Jan)209-21Accounting,5/EGUOWEIHUSTCostofGoodsSoldOct$775May1,350Total$2,125Last-In,First-Out25Units@$31(Oct)45Units@$30(May)10Units@$3020Units@$20(Jan)219-22Accounting,5/EGUOWEIHUSTEndingInventoryOct$300May400Total$700Last-In,First-Out25Units@$31(Oct)45Units@$30(May)10Units@$3020Units@$20(Jan)229-23Accounting,5/EGUOWEIHUSTEndingInventorySpecificidentification$875.00FIFO$925.00LIFO$700.00Weighted-average$847.50ComparisonofMethods239-24Accounting,5/EGUOWEIHUSTCostofGoodsSoldSpecificidentification$1,965.00FIFO$1,900.00LIFO$2,125.00Weighted-average$1,977.50ComparisonofMethods249-25Accounting,5/EGUOWEIHUSTWhenpricesarerisingLIFOproducesthelowestincomeandlowestincometax.ComparisonofMethodsGrossMarginfromSales:Specificidentification$1,035.00FIFO$1,100.00LIFO$875.00Weighted-average$1,022.50259-26Accounting,5/EGUOWEIHUSTIdentifytheincomeeffectsandthetaxeffectsoftheinventorycostingmethods.Objective3269-27Accounting,5/EGUOWEIHUSTTheIncomeTaxAdvantageofLIFODuringperiodsofinflation,LIFO’sincomeisthelowest.ThemostattractivefeatureofLIFOisreducedincometaxpayments.279-28Accounting,5/EGUOWEIHUSTUseoftheVariousInventoryCostingMethodsLIFO34%FIFO43%Average19%Other4%289-29Accounting,5/EGUOWEIHUSTLIFOLiquidationWhenpricesarerising...thecompanydrawsdowninventoryquantitiesbelowthelevelofthepreviousperiodwhichreleasesoldercoststotheincomestatement.299-30Accounting,5/EGUOWEIHUSTPerpetualSystemFIFOExampleManycompanieskeeptheirperpetualinventoryrecordsinquantitiesonly.Othercompanieskeepperpetualrecordsinbothquantitiesanddollarcost.309-31Accounting,5/EGUOWEIHUSTPerpetualSystemFIFOExampleItem:TevaSandalsReceivedSoldBalanceonHandUnitUnitUnitDateQty.CostTotalQty.CostTotalQty.CostTotalNov.110$30$30056$30$180430120725$31$7754301202531775124301209312791631496DeckersOutdoor319-32Accounting,5/EGUOWEIHUSTPerpetualSystemFIFOExampleItem:TevaSandalsReceivedSoldBalanceonHan