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1、Financial Accounting,Chapter 6 Inventories 存货,Main Points,Describe the steps in determining inventory quantities Prepare the entries for purchases and sales of inventory under a periodic inventory system Determine cost of goods sold under a periodic inventory system Identify the unique features of t
2、he income statement for a merchandiser using a periodic inventory system,Main Points,Explain the basis of accounting for inventories and describe the inventory cost flow methods Explain the financial statement and tax effects of each of the inventory cost flow methods Explain the lower of cost or ma
3、rket basis of accounting for inventories Indicate the effects of inventory errors on the financial statements Compute and interpret the inventory turnover ratio,MERCHANDISE INVENTORY CHARACTERISTICS,Merchandise inventory has two common characteristics: it is owned by the company and it is in a form
4、ready for sale to customers in the ordinary course of business,CLASSIFYING INVENTORY IN A MANUFACTURING ENVIRONMENT,Unlike merchandise inventory, manufacturing inventory may not yet be ready for sale As a result, inventory is usually classified into three categories:,Finished goods, inventory which
5、is completed and ready for sale. Work in process, inventory in various stages of production and not yet completed. Raw materials, components on hand waiting to be used in production.,DETERMINING INVENTORY QUANTITIES,A physical inventory count can be made to determine the inventory on hand and the co
6、st of goods sold can be computed, by counting the units and applying the unit cost to inventories. The determination of inventory quantities involves taking a physical inventory of goods on hand determining the ownership of goods.,DETERMINING INVENTORY QUANTITIES,Taking a physical inventory involves
7、 counting, weighing or measuring each kind of inventory on hand. Taking an inventories is a formidable task.,STEP 1 TAKING A PHYSICAL INVENTORY,A company, in order to minimize errors in taking the inventory, should adhere to internal control内部控制 principles by adopting the following procedures: Emplo
8、yees who do not have custodial responsibility (保管责任) for the inventory should do the counting. Each counter should establish the authenticity of each inventory item,STEP 1 TAKING A PHYSICAL INVENTORY,Another employee should make a second count All inventory tags should be pre-numbered and accounted
9、for At the end of the count, a designated supervisor should ascertain that all inventory items are tagged and that no items have more than one tag.,Goods in transit在途商品 should be included in the inventory of the party that has legal title to the goods. For FOB (free on board) shipping point, ownersh
10、ip of the goods passes to the buyer when the public carrier accepts the goods from the seller. ownership of the goods passes to the buyer at the shipping point,STEP 2 DETERMINING OWNERSHIP OF GOODS,For FOB destination point, legal title to the goods remains with the seller until the goods reach the
11、buyer. ownership of the goods passes to the buyer at the destination,DETERMINING OWNERSHIP OF GOODS,Public Carrier,FOB Shipping Point,Ownership passes to buyer at shipping point,FOB Destination Point,Public Carrier,Ownership passes to buyer at destination,DETERMINING OWNERSHIP OF GOODS,Under a consi
12、gnment arrangement代销, the holder of the goods (called the consignee承销人) does not own the goods. Ownership remains with the shipper of the goods (consignor寄销人) until the goods are actually sold to a customer. Consigned goods should be included in the consignors inventory not the consignees inventory.
13、,Consignee Company,DETERMINING OWNERSHIP OF GOODS IN TRANSIT,Consignor,INVENTORY ACCOUNTING SYSTEMS,One of two basic systems of accounting for inventories may be used: the perpetual inventory system 永续存货系统 the periodic inventory system 盘存制,PERIODIC INVENTORY SYSTEM,In a periodic inventory system, no
14、 attempt is made on the date of sale to record the cost of the merchandise sold. Instead, a physical inventory count is taken at the end of the period to determine the cost of the merchandise then on hand and the cost of goods sold during the period,When merchandise is purchased for resale to custom
15、ers, the temporary account, Purchases采购, is debited for the cost of goods. Like sales, purchases may be made for cash or on account (credit).,PURCHASES OF MERCHANDISE,The purchase is normally recorded by the purchaser when the goods are received from the seller. Each credit purchase should be suppor
16、ted by a purchase invoice购买发票.,PURCHASES OF MERCHANDISE,PERIODIC SYSTEM TRANSACTIONS,PERIODIC SYSTEM TRANSACTIONS,Purchases is a temporary account whose normal balance is a debit.,PERIODIC SYSTEM TRANSACTIONS,PERIODIC SYSTEM TRANSACTIONS,Purchases return and allowance is a temporary account whose normal balance is a credit .,PERIODIC SYSTEM TRANSACTIONS,Freight-in is a temporary account whose normal balance is a debit .,PERIODIC SYSTEM TRANSACTIONS,PERIODIC SYSTEM TRANSACTIONS,Purchase disco
